Prometheus, a lesser-known analyst on X, has nevertheless become an altcoin oracle, accurately predicting the start of each altcoin rally. The chart on $TOTAL3ESBTC is the basis for this prediction. This is the chart that’s been tracking the total altcoin market capitalization divided by Bitcoin excluding stablecoins. Prometheus’ analysis would seem to indicate a very profitable window of time coming up for altcoin investors. As Bitcoin continues to consolidate and navigate the market, the analyst’s positive insights provide a glimmer of hope for those heavily invested in altcoins.
$TOTAL3ESBTC Chart Analysis
Therefore, the $TOTAL3ESBTC chart is one of the main measuring sticks in Prometheus’ analysis. It gives a quick, relative look at the performance of nearly every altcoin compared to Bitcoin. By removing stablecoins, the chart provides a more accurate visual of the overall risk-on sentiment in the altcoin market.
Prometheus’ chart shows a similar deviation playing out in the current cycle. This divergence has marked altcoins to be positioned for significant upward movement compared to Bitcoin. The analyst known as Cred believes that based on history, we’re now on the cusp of a major opportunity for altcoin investors.
"Everyone positioned in altcoins are about to make more money than they know what to do with" - Prometheus
Current Market Conditions
In fact, the total crypto market cap excluding Bitcoin is still around $1.13 trillion, according to a TOTAL2 chart on Tradingview.com. This is a large amount of value concentrated in the altcoin market, as this figure demonstrates. Nonetheless, Bitcoin has been consolidating with sporadic efforts made at moving upwards, even crossing above $105,000 temporarily over the last day.
Ethereum similarly remains stalled just overhead at $2,500. At the same time, other major altcoins including Solana and Dogecoin have yet to show the same bullish momentum. This prevailing market environment definitely highlights the excitement for Prometheus’ recent call for an altcoin rally in the coming days.
Scott Matherson's Perspective
Scott Matherson, one of the premier crypto minds and writers at Bitcoinist adds tons of optics to this subject. Matherson, known for his sharp analytical mind and deep understanding of the digital currency landscape, is passionate about promoting crypto literacy. He has continuously and tirelessly worked to educate the public on the potential of blockchain technology.
Matherson has quickly established a deserved reputation for producing provocative, insightful and thoroughly-researched articles. His every output strikes an affinity with projects’ rookies and wizened crypto veterans. Matherson’s expertise goes a long way in helping to understand current market trends and analysis. While he does not speak directly to Prometheus’ particular prediction, his observations provide useful background.
