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Altcoin Roundup: Market cycle analysis screamed 'take profit’ ahead of May 19 sell-off

CryptocurrencyJun 12, 2021 08:00PM ET
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Altcoin Roundup: Market cycle analysis screamed 'take profit’ ahead of May 19 sell-off

Welcome to Cointelegraph Market’s weekly newsletter. This week we will identify emerging-sector trends across the cryptocurrency landscape in order to broaden your understanding of market cycles and better equip readers to take advantage of the microcycles that are a regular occurrence in the larger market structure.

The cryptocurrency sector has an established reputation for being volatile and fast-moving, and these characteristics were on full display in May as the rapid decline in the price of Bitcoin (BTC) from $60,000 to $33,000 led to a mass exodus that wiped off $1.2 trillion in value from the total market capitalization.

Phases of a market cycle. Source: Investopedia
BTC/USD 1-day chart. Source: Bitstamp
Total cryptocurrency market capitalization. Source: CoinMarketCap
Phases of a market cycle. Source: Wall St. Cheat Sheet
BTC/USDT 4-hour chart. Source: TradingView
Total market capitalization of the DeFi sector. Source: CoinGecko
ENJ/USDT vs. CHZ/USDT vs. AXS/USDT vs. MANA/USDT. Source: TradingView

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Altcoin Roundup: Market cycle analysis screamed 'take profit’ ahead of May 19 sell-off
 

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