Altcoins Poised for a Rally as Bitcoin and Ethereum Soar, Says Glassnode Co-Founders
The co-founders of crypto analytics firm Glassnode, Jan Happel and Yann Allemann, are predicting a potential surge in altcoin prices as Bitcoin (BTC) and Ethereum (ETH) continue to rally. According to the co-founders, the total altcoin market cap is already on the rise, indicating bullishness for alternative cryptocurrencies.
Happel and Allemann believe that while Bitcoin’s price may experience increased volatility and potentially dip to $40,000, it will remain in an overall uptrend. They suggest that BTC’s upward momentum could lead to a climb towards $46,000. The co-founders also utilize the Elliott Wave theory to forecast that the total market cap for cryptocurrencies could reach an all-time high of $4.4 trillion during this bull cycle.
At present, the total crypto market cap stands at $1.69 trillion.
Hot Take: Altcoins on the Rise as Bitcoin and Ethereum Lead the Way
The co-founders of Glassnode predict that altcoins are set for a surge in price as Bitcoin and Ethereum continue their upward trajectory. With the total altcoin market cap already showing signs of growth, this indicates a bullish trend for alternative cryptocurrencies.
Although Bitcoin may experience increased volatility and potentially dip to $40,000, it is expected to maintain its overall upward trend with a potential climb towards $46,000. The use of the Elliott Wave theory suggests that the total cryptocurrency market cap could surpass its previous all-time high and reach $4.4 trillion during this bull cycle.
As the crypto market continues to evolve, it is important to stay informed and monitor these trends closely for potential investment opportunities.
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