Market Value Could Reach $425 Billion!

According to analysts, the altcoin market, excluding the top 10 cryptocurrencies, is poised for a significant increase. The market value could even reach $425 billion. This optimism is fueled by the recent rise of bitcoin, which has reached a new all-time high. As a result, some analysts expect that this could give the altcoins a boost. Also read our article about the best altcoins of the moment.

A positive view on the altcoin market by Rekt Capital

Cryptocurrency expert and trader Rekt Capital has shared an encouraging forecast for the market value of altcoins. He emphasizes the market’s resilience and growth potential in the coming months. According to his analysis, the altcoin seasonal index is showing signs of progress, suggesting that the altseason is coming.

$ALTS

Red circled area rejected Altcoin Market back into the blue circled retesting zone ✅

Since then, Altcoin Market Cap has recovered, broken beyond the red $315bn resistance and turned it recently into new support

Next: light blue circle, over time#BTC #Crypto #Bitcoin https://t.co/CkC2P1Y7zq pic.twitter.com/3Q0CtIOTVc

— Rekt Capital (@rektcapital) March 14, 2024

Rekt Capital’s analysis indicates that the altcoin market has recovered from an earlier rejection in the “red-circled zone” and has now entered the “blue-circled test area”. This recovery shows increased investor interest and a positive shift in market dynamics. The market has also successfully broken the “red line of resistance at $315 billion,” turning this level into a new support base. As a result, the analyst expects a rise to the “light blue circle”, which corresponds to the $425 billion threshold, in the coming months.

Despite optimism, there is caution for altcoins

Despite the optimistic outlook, the market is still in a phase of retesting the $315 billion level as new support. However, Rekt Capital remains confident that the market will soon “revisit the $425 billion resistance,” possibly before the Bitcoin Halving event scheduled for April.

On the other hand, Samson Mow, CEO of Bitcoin technology company JAN3, offers a more cautious perspective on the altcoin market. While he sees the possibility of short-term gains, Mow warns that the altcoin market is likely to undergo a correction in the coming weeks.

I’m expecting alts to crash in the coming weeks. They’ve been tracking #Bitcoin gains post ETF approvals, but obviously they lack the $500M to $1B daily inflows we have. That should be the main indicator that their gains are unsustainable.

— Samson Mow (@Excellion) March 13, 2024

He argues that altcoins have benefited from bitcoin’s rise, especially after the launch of BTC Spot Exchange-Traded Funds (ETFs), but they lack the significant daily inflows of $500 million to $1 billion that bitcoin has.