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Altcoins Could Reach $455B Cap, Analyst Forecasts New Highs

Gary Flanders by Gary Flanders
2 years ago
Altcoins Could Reach $455B Cap, Analyst Forecasts New Highs
  • Top altcoins like XRP, Cardano, and Solana have seen substantial gains recently.
  • Bitcoin analyst Pentoshi predicts altcoins could peak in summer 2022.
  • Bitcoin’s market capitalization surpasses the total value of all altcoins.

Recent weeks have seen substantial gains in top alternative cryptocurrencies (altcoins) like XRP , Cardano , and Solana . This has led to a growing sense of optimism among industry experts regarding the future potential of the broader altcoin market.

Pentoshi, a well-known Bitcoin analyst on X with a following of over 750K, has shared his views on the possibility of the entire altcoin market surpassing a year’s high despite prolonged resistance.

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Pentoshi initially pointed out that the present market value of all altcoins, except Ethereum , has fallen beneath the all-time high (ATH) of 2017/2018. Considering the altcoin cap is approximately $383 billion, the analyst voiced disappointment over the bearish trends that have prevented altcoins from making a substantial breakout after all these years.

However, the analyst predicts that a breakthrough from this resistance level may result in new annual peaks for altcoins in the near to intermediate term.

Altcoins excluding $BTC and $ETH

Right now right under 2017/2018 ath

Crazy how much resistance that has provided all these years later

A breakout I believe can lead us to new yearly highs short / mid term and all the way to the 21' lows and summer 22' highs at the upper… https://t.co/uz0CbAdL1L pic.twitter.com/Pa7lSPe3hz

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 26, 2023

Pentoshi specifically predicted that altcoins could hit their 2021 bottom and peak in summer 2022, as indicated by the top white line on the chart included in the X post. He estimated a market capitalization of $455.86 billion for altcoins (excluding BTC and ETH) in the X post, suggesting a 19% increase from the present value.

Concurrently, the analyst from Pentoshi warned that there would likely be significant declines on the path to the forecasted valuation. Importantly, another well-known analyst pointed out the appearance of a repetitive pattern in the altcoin market. He proposed that the impending Bitcoin halving event could substantially impact the breakout trends in altcoins.

Remarkably, Bitcoin’s market capitalization surpasses the total value of all alternative cryptocurrencies, such as Ethereum (ETH). According to data from CoinMarketCap, the entire digital asset market is valued at $1.28 trillion. Bitcoin holds a market dominance of more than $675 billion, leaving altcoins with a combined value of just $605 billion.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: AltcoinsPentoshi
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Gary Flanders

Gary Flanders

Passionate writer who is keenly exploring crypto and Blockchain loves to know about new things and explore what is happening in the world. Cherishes writing, primarily about cryptocurrency and Blockchain.

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