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The crypto market cap charts still look closer to late 2019 than to the start of a new bull market.
USDT Market Cap is still moving inside the same type of consolidation, while USDT.D, ETH/BTC, and OTHERS are showing similar structures.
If that's true, then today's market could be similar to Dec 2019–Jan 2020, not March 2020.
Back then, the real bottom came a few months later after a major macro shock.
This time, the recent oil supply shock could take months to fully affect markets as well.
It's just an observation based on market cap structure, but it's a scenario worth watching.
$BTC
{spot}(BTCUSDT)
$ETH
{spot}(ETHUSDT)
$SOL
{spot}(SOLUSDT)