Altcoins are in accumulation territory after experiencing a drawdown over the last 3 months.
The altcoin market is currently at the “reaccumulation stage,” which, after reclaiming a key support area, could move on to the “second leg of the cycle,” according to crypto traders.
“Altcoins are only up 58% since they broke out after 525 days of accumulation,” independent crypto trader Mags said in part of their July 25 post on X.
The accumulation stage occurs when the market has bottomed out, and prices hit local bottoms, as reflected by a 33% drop of TOTAL2 (total market capitalization of all cryptocurrencies, excluding Bitcoin) since March 11. It is marked by a period of relative stability, where investors buy on the dips in anticipation of future price increases.
