Crypto analyst Jason Pizzino is tracking the performance of altcoins as the broader digital asset market continues to pull back.
In a new video, Pizzino tells his 188,00 subscribers that he’s keeping a close watch on the TOTAL2 Index chart, which calculates the market capitalization of all crypto excluding Bitcoin.
According to the crypto analyst, the TOTAL2 Index looks bearish amid the exodus of retail investors, something that can be confirmed by the lack of engagement on social media and YouTube videos.
“But again, the volume’s drying out, and this is going to be the same for the rest of the charts. You can see the volume drying up in the market. You can see it drying up on YouTube [and] Twitter. Views are down. Comments are down. Subs are down.
This is all part of the market sentiment… This is what we’re seeing. We’re seeing retail leave the space.”
With the move below key support of $765.20 billion, Pizzino says he sees the altcoin market cap losing 15% of its $706 billion valuation before finding the next support level.
“My next target [is] at the 61% drop from the high. This is our Fibonacci level, the Fib retracement. But if you’re going to measure it from here ($1.49 trillion), somewhere around a 60% drop down to about that $600 billion mark, which has come in for support back in March.”