The State of Altcoins in the Crypto Market
The altcoins market has experienced a surge in recent weeks, largely influenced by the resurgence of Bitcoin and the shifting climate in the crypto market. Despite a slight slowdown in momentum, there is optimism among investors and analysts about the future of altcoins.
Expert Predictions on Altcoins
Mags, a well-known crypto analyst on the X platform, has made a bold prediction regarding the future of altcoins. In a recent post, Mags suggested that most cryptocurrencies are poised to enter a parabolic phase in the upcoming years. The basis for this bullish forecast lies in the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe of the altcoin chart. When the monthly MACD makes a bullish cross, a significant uptrend is expected.
Past Trends and Future Projections
Mags supported the forecast by referencing the bullish cross that occurred in the altcoins market in 2020. Following this event, the altcoins market cap surged by over 2,000%, reaching $1.73 trillion from an initial value of $85 billion. With a similar situation expected to unfold, Mags foresees another significant bull run for altcoins.
Looking to the future, Mags proposed a potential $7 trillion market cap for altcoins by 2025, even factoring in only half of the growth witnessed in 2020. This projection indicates a 1,000% rally from the current market cap of $637 billion.
Bitcoin’s Role in the Crypto Market
A recent report by Santiment indicates that Bitcoin has regained dominance in the altcoins market after a strong month. On-chain analytical data has revealed that several cryptocurrencies, including Solana, Cardano, and Avalanche, have experienced a price correction. However, Santiment suggests that rapid price rebounds could occur in response to market worries and FUD (fear, uncertainty, and doubt).
According to data from CoinGecko, the current total cryptocurrency market capitalization stands at $1.429 trillion, with Bitcoin maintaining its position as the largest cryptocurrency, boasting a market cap of over $700 billion.
Hot Take
The future of altcoins appears promising, with expert forecasts and market trends signaling potential growth. As Bitcoin’s dominance continues, the broader crypto market remains dynamic and ever-changing, offering opportunities for investors and traders alike.
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