Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When
November 18 2023 - 3:00PM
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The altcoins market has been on a tear over the past few weeks,
thanks to the resurgence of the premier cryptocurrency, Bitcoin,
and the shifting climate of the general crypto market. Although the
recent momentum of the altcoin market seems to be waning, there is
still broad optimism amongst many investors and analysts. Mags, a
popular crypto analyst on the X (formerly Twitter) platform, has
offered insight into the current landscape of the crypto assets
class and its future prospects as the bull market seemingly
approaches. Altcoins To Go Parabolic Again? In a post on X, Mags
put forward a bold forecast for the altcoins market capitalization
and expects the value of most cryptocurrencies to go parabolic in
the coming years. The crypto analyst’s bullish argument revolves
around the Moving Average Convergence/Divergence (MACD) indicator
on the monthly timeframe of the altcoin chart. On the highlighted
chart, the monthly MACD is on the verge of making a bullish
cross. Related Reading: Cardano Falling Wedge Pattern:
Analyst Predicts 100% Increase Following Breakout From a historical
standpoint, the crypto analyst cited that a similar bullish cross
occurred on the Moving Average Convergence/Divergence indicator in
2020. Following this cross, the altcoins market cap skyrocketed by
more than 2,000% from $85 billion to $1.73 trillion. If this MACD
cross forms again, Mags expects a similar bull run for the altcoins
market. In what seemed like a more realistic stance, the crypto
analyst postulated a surge to a $7 trillion market cap by 2025,
even if the altcoins experience only half of the 2020 growth. This
represents a roughly 1,000% rally from the current altcoin market
cap of $637 billion. According to data provided by CoinGecko, the
total cryptocurrency market capitalization stands at $1.429
trillion, with Bitcoin maintaining its place as the largest
cryptocurrency (market cap of more than 700 billion). Bitcoin
Reclaims Dominance In Crypto Market According to a recent report by
Santiment, Bitcoin seems to be back to dominating the altcoins
after a good run in the past month. The on-chain analytics platform
highlighted that most cryptocurrencies have been witnessing a price
correction at the tail end of the week. 📊 #Bitcoin price dominance
is finally back, at least for the time being. #Altcoins have been
retracing on the tail end of the week after the past month’s
blistering hot rally. If the crowd begins to get worried and show
#FUD, however, we could see some quick price rebounds.
pic.twitter.com/VAcKd27WIH — Santiment (@santimentfeed) November
17, 2023 Related Reading: Bullish Sentiment Surrounds AVAX Price As
Republic Adopts Avalanche Blockchain Many of the tokens in the
altcoin class, including recent top performers like Solana,
Cardano, and Avalanche, appear to be slowing down. Nevertheless,
Santiment said that swift price rebounds could occur “if the crowd
begins to get worried and show FUD (fear, uncertainty, and doubt).”
Cryptocurrency market cap excluding Bitcoin on the daily timeframe
| Source: TOTAL2 chart on TradingView Featured image from
Shutterstock, chart from TradingView
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