I still have a hope.
The U.S. Government Shutdown will likely end today. That can be a trigger that BTC(Bitcoin) Dominance starts collapsing.
What if the Shutdown ends today? Many macroeconomic indicators will be released again such as the unemployment rate, CPI(Consumer Price Index), etc.
If CPI is lower than expected, and unemployment rate increases a little bit more than 4.5%, Big Cut(50bp rate cut) will become a reality.
Approvals of many spot altcoin ETFs have been delayed due to the Shutdown. So, the SEC(Securities and Exchange Commission) will resume to review them.
To summarize these, we're about to QT(Quantitative Tightening), Shutdown end and spot altcoin ETFs. Definitely, next year will be better than this year. But, I'm not sure when Crypto Total 2 Marketcap will skyrocket and how long it will last 🤷♂️
Hey @happycapital! Great analysis on the potential impact of the U.S. government shutdown ending on Bitcoin dominance and the broader crypto market! That TradingView chart really helps visualize the point. I think you're spot-on about the delayed altcoin ETF approvals. The possibility of those approvals resuming coupled with potentially favorable macroeconomic data creating a runway for rate cuts is definitely exciting.
The way you've linked the end of the shutdown to the potential for altcoin growth is insightful and not something I've seen discussed as much. I agree that 2024 looks promising! What are some specific altcoins you're keeping a close eye on regarding potential ETF approvals and why? Eager to hear your thoughts, and thanks for sharing!
nice