The State of the Alts – 10-20-22

The Global View

Top Left: Bitcoin Dominance – Daily
Top Right: Altcoin Index – Daily
Bottom Left: Midcap Index – Daily
Bottom Right: Shitcoin Index – Daily

Above, we can see a snapshot of the entire Crypto market broken down into four specific charts.  The overall Bitcoin Dominance chart shows you how much of the total market cap belongs to Bitcoin, and therefore it also tells you how much of the market belongs to Altcoins.

Looks like we’ll be keeping this week’s State of the Alts pretty brief. All things considered, last week was more of the same regarding Alts outside of the sell-off day we had that we covered last Thursday. Sideways, rangebound with momentum, if any, to the downside.

Altcoin Index

Description: Each asset in the Altcoin Index is weighted the same.  This gives a good look at a basket of higher profile and higher MCAP coins. 

ALTS officially lost their brief local uptrend, retested as resistance, and confirmed rejection, all within a 6-day period of time. This is unfortunate as the local trend was the last level of support between current prices and the June low.

Midcap Index

Description: This is the playground for most traders.  It’s widely excepted that the top-tier Crypto has already made most of their explosive moves, but that is not the case in the land of the Mids.  The Mids make a wide variety of projects from L1s like Algorand to ad-seeking marketing like BAT.

In a rather shocking shift in trends, the MIDS have actually kept their local uptrend after testing it for the last few days. This is a break from the correlation that MIDS usually has with ALTS. Regardless, it is a welcome change, if only temporary. The last three days have been inside of this uptrend zone and if MIDS are to truly follow ALTS, it won’t be long until we change the color from green to red.

Shitcoin Index

Description: What market in the world can you label a basket of assets and call them SHIT?  Only Crypto, baby!  The SHITperp is your view through the window of our beloved Shitcoins.  These represent 50 coins that have a relatively low market cap but still have some stand-out projects.  Coins like MANA, in and of itself, is actually a great project with a bright future, but their market cap deems them as Shit.  THETA, CHZ, ENJ, HBAR, ZEN, etc.  These projects are actually good projects with good fundamentals, so they skew the balance sheet a bit because these are not precisely the Shitcoins that some other people talk about when they talk about Shitcoins!

SHIT is really in a bad spot. Not only have they lost their local uptrend like ALTS did but they are taking resistance from the local downtrend as well as the major downtrend and the 20 and the 50 EMAs. Not only that, they have still yet to reach their horizontal resistance area, which is nothing more than a major metric for them to get back on the right path. So, long story short, SHIT is not what you want to focus on at the moment.

Weekly Movers

As we can see from the PAS above, the market continues to bleed red and only red for the time being. TRX is the only coin showing a strong upward trend but only on the H1 and H4 with weaker trends up to the M30 and weak downtrends above the H4 up to the Daily. 

The Wrap Up

It has been a challenging year for many people and we have been trending down now for over 11 months. Eventually, the tides will change but as we can see from the charts above, the State of the Alts is poor, unhealthy, and unmotivated to reverse the downward trend that we have now become customed to.

If you enjoyed this article, consider sharing with friends on Social Media. Lets grow the Community together!

Related Articles


Your email address will not be published. Required fields are marked *