NewsletterBitcoin and Altcoins Market Cap to Reach $1.85T and $2.2T, Analyst
Amidst the current financial landscape, analysts have directed attention to the cryptocurrency market, which shows signs of an upturn. Michaël van de Poppe, a respected figure in the trading community, has recently forecasted that the total cryptocurrency market cap could soar to an impressive $2.2 trillion. This projection comes as the market undergoes a consolidation phase, hovering below the crucial $1.6 trillion mark.
Bitcoin’s Role in Market Dynamics
Bitcoin, the flagship cryptocurrency, plays a pivotal role in this anticipated growth. Recently, it overcame major resistance at $38,000, leading to optimistic predictions about its future trajectory. Van de Poppe correlates Bitcoin’s breakthrough with the potential surge in the crypto market cap. He suggests that surpassing the $1.6 trillion resistance could propel the market towards the pre-Terra collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.
Altcoins Gearing Up for a Milestone
Concurrently, altcoins are not far behind in this potential financial revolution. EGRAG, another market analyst, envisions the altcoin market cap hitting the $1 trillion mark. This level of growth has not been seen since the downfall of the Terra ecosystem in May.
EGRAG recalls the dramatic drop that followed, plunging from $1.268 trillion in April 2022 to a low of $485 billion two months later. Currently, at a 19-month high of $735.5 billion, the altcoin market is steadily recovering, signalling a possible uptrend similar to the post-May 2022 scenario.
Implications for Bitcoin and Altcoin Valuations
If these predictions hold, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market cap of $1.2 trillion would mean a price surge to around $61,301 per token. Meanwhile, altcoins could experience a 2.3x increase in valuation, reaching up to $1.7 trillion. This prospect has led analysts to advise investors to watch for a rally around March 2024.
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