- Bitcoin surged past $71k on Wednesday, awakening the crypto market.
- Total 3’s setup suggests altcoins are preparing for a surge, in line with the emerging bull run.
- Many altcoins started rallying, with BNB reaching a new ATH at $716.2.
Bitcoin (BTC) surged above $71,700 on Wednesday, and Crypto Banter presenter Sheldon the Sniper believes the crypto market is reawakening with vigor. In a video, Sheldon emphasized how Bitcoin’s price movement triggered a short squeeze across altcoins, leading to strong market performance for many.
The crypto analyst showcased the “Crypto Total Market Cap Excluding Bitcoin and Ethereum (Total 3)” in his analysis, revealing the metric’s potential upward trajectory. Traders use Total 3 chart to gauge altcoin performance relative to Bitcoin, providing insights into investor sentiment and capital flows between BTC and altcoins.
With Bitcoin nearing its All-Time High (ATH), Sheldon asserted that it would soon enter the “optimism stage,” where the flagship crypto could experience parabolic moves. He compared BTC’s recent price action to the last bull cycle, sugge…
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