“Largest Altcoin Bull Run of All Time Is Loading,” Analyst Says as Key Charts Break Out

Smaller tokens are making a comeback against the S&P 500, but the setup could unravel if leverage gets out of hand. The altcoin market may be approaching a turning point after several major gauges broke out of year-long downtrends, according to analyst Matthew Hyland. His charts suggest smaller cryptocurrencies are gaining ground against Bitcoin and traditional risk assets, although rising leverage also increases the odds of a painful correction. Altcoin Gauges Break Long Downtrends In a post published on September 7, Hyland said ETH, Total 2, Total 3, and OTHERS had all confirmed the end of their year-plus declines by forming higher highs. Let’s break that down a bit. Total 2 tracks altcoins excluding Bitcoin, while Total 3 removes both BTC and Ethereum. OTHERS excludes the top 10 cryptocurrencies and therefore focuses more heavily on smaller tokens. Hyland questioned whether the moves were simply a “bear market rally,” then followed up with a more bullish assessment. In another post, the market watcher wrote, “The largest #Altcoin Bull Run of all time is loading,” and argued it could be “much larger than 2020-2021.” The accompanying OTHERS.D/SPX chart provided the basis for t...