Analyst Matthew Hyland says several major altcoin gauges have ended their year-plus downtrends, with ETH, Total 2, Total 3, and OTHERS forming higher highs. The OTHERS/SPX ratio now sits at the lower end of a multi-year decline, with an oscillator in oversold territory between 20-30, a setup being compared to the overbought reading near 80 seen in 2017. Altcoins outside the top 10 have pushed their combined market capitalization to $213 billion, up nearly 12% since early September, with Zcash surging 370% from its June low to above $1,200. However, rising leverage is raising concerns: $24 million in liquidations were triggered when ZEC crossed $1,200, and ZEC perpetual futures open interest reached $2.7 billion.
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