The key signal in the altcoin market is the change in Bitcoin's market cap share: when this indicator retreats from a high level (currently 64%, close to the previous peak of 71%), it means that funds are flowing from Bitcoin to other cryptocurrencies.
An important observation index is whether the five major mainstream currencies (especially Ethereum) can collectively break through the 20-day moving average against Bitcoin — currently, three have broken through; if the remaining two (ETH/XRP) successfully stabilize, it will confirm the shift of funds towards mainstream coins, at which point altcoins will at least experience a phase of rebound.
It should be noted that the ETH/BTC exchange rate has not recovered since losing the moving average on January 8, and the current market is still waiting for clearer signals of fund rotation.
