I compared Crypto Total 2 Marketcap, PMI and RUSSELL 2000.
I compared Crypto Total 2 Marketcap(Excluding BTC), 🇺🇸 PMI(Purchasing Managers' Index) and RUSSELL 2000.
When PMI was above 58, both Altseason 1.0 and 2.0 occured. Something in common is.. RUSSEL 2000 rised first.
Unlike ETH(Ethereum), currently, RUSSELL 2000 sustains the uprising momentum since breaking 2021 ATH(All Time High).
While ETH succeeded 2021 ATH, it failed maintain the uprising momentum. Then, sinked to this cycle's bottom.
I've been curious about the reason. Why on Earth? 😡 Why on Earth has ETH been bearish for the last 4 years and 4 months? 🤬 Is it related to domestic demand? 🤔 I got to know PMI while checking a couple of economic indicators.
Since PMI is an indicator that reflects purchasing managers of companies feel, if U.S. consumers spend more due to a strong econony, purchasing managers may think the current economy is strong.
The current PMI 52.7 is.. compared to the past PMI 58, the current U.S. domestic demand status isn't likely strong yet.
The cryto market has expanded like a global asset market. Since entities who buy altcoins are retail speculators, I guess Altseasons are related to U.S. domestic demand.