Crypto Market Cap Drops 7.58% to $3.16 Trillion Amid Divergence

The total crypto market cap dropped by 7.58% last week, closing at $3.19 trillion after falling to $2.81 trillion earlier this week. Currently, it stands at $3.16 trillion.

Key points:

The market cap excluding Bitcoin and Ethereum is at $883 billion.
Bitcoin has approached the $100,000 mark six times, while Ethereum's price has consistently made lower highs during these peaks.
Ethereum's prices have decreased from $4,000 to $2,800 as Bitcoin approached $100,000.
The ETH/BTC pair has declined from 0.03567 BTC to 0.02748 BTC, testing the 78.60% Fibonacci level.
Oversold RSI indicates a potential reversal for Ethereum.

Bullish Outlook on Altcoin Season

Ted Pillows, a crypto analyst, presents a bullish view on an upcoming altcoin season, noting:

Frequent double-bottom reversals in the altcoin market.
Current altcoin market cap shows similarities to previous bull markets in 2017 and 2021.
The RSI indicates that a bull market may begin following a reaccumulation phase.

The overall market is recovering, but the divergence between Bitcoin and Ethereum suggests underlying weaknesses. However, if key support levels hold, altcoins may regain momentum, potentially leading to a new altcoin season.