Altcoin Market Poised for Further Gains, Says Analyst
According to crypto analyst Michaël van de Poppe, the altcoin market is experiencing a strong recovery alongside the general cryptocurrency sector. Van de Poppe notes that the total crypto market cap, excluding Bitcoin (BTC), has surpassed $675 billion, a critical level. He expects this market cap to continue rising and potentially reach $1 trillion or even $1.25 trillion within the next two to four months. The altcoin market has successfully reclaimed the 200-week moving average and turned the $675 billion resistance into support, signaling an uptrend towards resistance points at $1 trillion and $1.257 trillion.
Strongest Altcoins
Among the altcoins, Polygon (MATIC) is showing signs of strength and resilience. The coin’s technical and fundamental indicators suggest a potential doubling in price from its difficult year, reaching between $1.25 and $1.50. Additionally, Ethereum (ETH), the largest altcoin by market cap, has recently outperformed Bitcoin for the first time since October 2022. Increased activity in the derivatives market also indicates a possible shift in capital flows towards Ethereum.
Future Outlook
The altcoin market has demonstrated its ability to sustain gains in the coming months, supporting van de Poppe’s predictions. However, it is crucial for investors to conduct their own research as conditions in this industry can change rapidly.
Hot Take: Altcoin Market Set for Continued Growth
The altcoin sector is thriving alongside the broader cryptocurrency market recovery. Analysts anticipate further gains as altcoin market capitalization surpasses key levels and shows signs of resilience. Promising altcoins like Polygon (MATIC) and Ethereum (ETH) are expected to perform well, with ETH outperforming BTC recently. While the future looks promising, it’s important to stay informed and conduct thorough research before making investment decisions in the volatile cryptocurrency market.
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