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