Altcoin Market Cap Poised for $750B, Analyst Predicts

• Altcoin market cap could surge from $509 billion to $750 billion.
• Altcoins surpass Bitcoin in Open Interest, indicating growing market interest.
• “Ethereum-killer” Solana’s value jumps 48.76% in one week.

During the ongoing price increase, the cryptocurrency trader and technical analyst known as “thescalpingpro” on X (previously known as Twitter) indicated that the market for alternative cryptocurrencies is expected to experience a greater upward movement.

In the post on platform X, the analyst cited a graph indicating that Altcoin’s market capitalization is presently $509 billion. According to his examination, the analyst suggested the possibility of a surge that might increase the market capitalization to an impressive $750 billion.

At the same time, the forecasts made by analysts reflect an increasing optimism for alternative cryptocurrencies in the markets. With the rally prompted by the introduction of Bitcoin ETFs, significant altcoins have reached new highs for the year, accompanied by a rise in investor engagement.

Furthermore, other cryptocurrencies have surpassed Bitcoin in terms of Open Interest (OI) levels, as previously mentioned. Specifically, the OI rate for Bitcoin fell by 39% as of December 26. In contrast, the OI for alternative coins increased by 41%, thereby overshadowing the original cryptocurrency.

Additionally, cryptocurrency experts suggest that the alternative coin market is likely to continue its rise into 2024. Specifically, the cryptocurrency analyst known as “Moustache” on platform X pointed out that the market capitalization of altcoins is on the verge of a golden cross, an indicator that may suggest an upcoming trend of increasing prices.

It should be noted that although the price of Bitcoin has experienced a deceleration, it has been reported that significant alternative cryptocurrencies have achieved greater increases during the same timeframe. Moustache stated that this pattern indicates that altcoins are at the forefront of the present market surge and have deviated from the typical price fluctuations that Bitcoin influences.

Consulting CoinMarketCap, the information indicates that Solana has experienced significant gains in the market lately. Known as the “Ethereum-killer,” its value has risen by 48.76% over the last week. Similarly, BNB’s value has increased by 16.11% during the same timeframe. Meanwhile, ETH , XRP , ADA , and AVAX have witnessed modest price increases.