Analysis of Altcoins Market Cap ($TOTAL2) using Fibonacci Retracements

The market capitalization of altcoins, excluding $BTC ($TOTAL2), has recently approached a significant Fibonacci retracement level

- Current Cycle: On August 5, 2024, the $TOTAL2 market cap briefly touched the 0.236 Fibonacci retracement level, marking a point from the last high to the last low (chart above)

- Historical Comparison: Interestingly, this retracement level was also touched exactly four years ago on August 3, 2020, albeit from a different trajectory (chart below)

From this perspective, we are currently at exactly the same point as in the last cycle

Hopefully the further development from the last cycle will also be repeated this time for alts 🙏