$LINK and BNB Lead the Way
After days of widespread bearish sentiment, the cryptocurrency ecosystem showed signs of a potential reversal as most altcoins posted moderate gains. This collective upward movement was sufficient to raise the total cryptocurrency market capitalization above the $3.9 trillion threshold.
Among static bitcoins, BNB found itself among the leaders, rising to a new all-time high of $882. Although it later retreated to $853, a 2.3% increase in the digital asset over 24 hours made it one of the few high-cap altcoins that helped the crypto ecosystem shake off the impact of Bitcoin's minor decline $BTC .
Meanwhile, LINK's 4.5% increase was the largest among all digital assets in the top 20 tracked by C*******o. In fact, LINK was one of the few exceptions during a week dominated by bears. According to the data, the latest rise brought its weekly gains to 12.1%, making it one of the best performers during this period. Only OKB (44%) had a higher weekly increase among all 100 digital assets.
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Analyst Warns of Potential 'Trap' and Predicts Altcoin Strength:
This uncertainty has led one crypto analyst, Miles Deitcher, to warn users to be cautious regarding what he called a 'massive trap.'
In a post on X, explaining his further predictions, Deitcher pointed to the strength ratio of BTC and ETH, where he stated that currently the latter has 'superiority over Bitcoin both in terms of price action and narrative.'
The crypto analyst claims that this proves that BTC is 'structurally weak,' while declining BTC purchases from Strategy are slowing the momentum. In contrast, the growing story with Ethereum indicates that ETH has the potential to move upward, and with it, altcoins too.
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"And I believe that is why, despite the decline, altcoins are showing relative strength against BTC, as seen on the OTHERS/BTC chart. The altcoin market held weekly support and turned bullish on the daily chart, indicating that the altcoins are stable against BTC, reflecting a return to risk-on sentiment," Deitcher added.
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The crypto analyst stated that while the speech of U.S. Federal Reserve Chairman Jerome Powell in Jackson Hole and the Federal Open Market Committee (FOMC) meeting have the potential to trigger a 'classic sell-off at the end of the month,' he believes that this decline is already in progress.
However, he argues that after this period of uncertainty passes, the market will be in a much stronger position to attempt to reach new all-time highs.
