© Reuters. Crypto Analyst Says Altcoin Market Cap Set to Hit $750 Billion
Coin Edition –
- Crypto analyst “thescalpingpro” on X said the altcoin market cap is prepared to hit $750B.
- The bullish prediction follows a rise in altcoin prices despite a slowdown in Bitcoin’s price.
- CoinMarketCap data shows SOL and BNB recorded higher gains in the past seven days.
Amidst the sustained price resurgence, cryptocurrency trader and technical analyst on X (formerly Twitter) “thescalpingpro” shared that the altcoin market is set to see a higher upward trend.
In the X post, the analyst referenced a chart that shows that Altcoin’s market capitalization currently stands at $509 billion. Per his analysis, the analyst pointed at a potential pump that could see the market cap rise to a staggering $750 billion.
Meanwhile, the analyst’s expectations mirror growing positive sentiments in the altcoin markets. Since the start of the Bitcoin-ETF-fueled rally, major altcoins have attained new yearly highs alongside increased investor activity.
Additionally, alternative cryptocurrencies have also flipped at Open Interest (OI) rates, as reported earlier. In particular, Bitcoin’s OI rate dropped by 39% as of December 26. Conversely, altcoins’s OI jumped 41% to steal the spotlight from the pioneering digital asset.
Furthermore, crypto analysts hint the altcoin market will sustain its upward trend heading into 2024. Notably, crypto analyst “Moustache” on X highlighted that the altcoin market cap is teetering on the edge of a golden cross, which could signal a potential higher price trend.
It bears mentioning that while Bitcoin’s price has hit a slowdown, major altcoins have reportedly seen higher gains in the same period. Moustache said the trend shows altcoins are leading the current market charge and have diverted from the usual Bitcoin-dictated price movements.
Turning to CoinMarketCap, data shows has been one of the recent big winners in the market recently. The token dubbed the “Ethereum-killer” has added 48.76% to its price in the past seven days. Likewise, BNB also saw a 16.11% increase in its price in the same period. ETH, , ADA, and AVAX saw muted gains.
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