Coin Edition -
- Industry experts predict an altcoin surge after a turbulent first half of the year.
- Altcoin market cap is consolidating above $1 trillion.
- Bitcoin’s market dominance may decline as investors diversify into altcoins.
After a volatile first half of the year, leading industry analysts are predicting a strong upward trend for altcoins. Michaël van de Poppe, Founder and CIO of MN Trading, voiced his optimism about the altcoin market.
The #Altcoins are ready for their upwards run. I think we'll be seeing a lot of momentum from late June until September – October.A repricing back to their normal values after the big cascade of the first period of the year.— Michaël van de Poppe (@CryptoMichNL) June 6, 2024
The altcoins are poised for their upward run, claims van de Poppe. “From late June until September or October, I believe there will be a lot of momentum.” This comment suggests that after the significant falls earlier this year, altcoins are being revalued back to their usual values.
Besides, well-known trader and crypto analyst Mags supports van de Poppe’s prediction. Using technical analysis, Mags noted that altcoins are about to take off.
#Altcoins will go parabolic The altcoin market cap has broken out of its accumulation phase and is consolidating above $1 trillion from the past few months.This consolidation pattern looks similar to the previous cycle, right before the altcoin market cap went parabolic.The… pic.twitter.com/iB6vDwEapK— Mags (@thescalpingpro) June 6, 2024
The analyst specifically mentioned how, throughout the last several months, the market cap of altcoins has been consolidating above $1 trillion after leaving the accumulation phase.
Remarkably, the consolidation pattern resembles earlier cycles that happened right before the market cap of altcoins rose sharply. Mags further pointed out that a comparable pattern is also reflected in the Relative Strength Index (RSI), indicating a significant upward rise is about to occur.
Furthermore, data indicates that 50.3% of the cryptocurrency market is dominated by Bitcoin (BTC). Like in earlier bull runs, this number is predicted to decrease as investor attention shifts toward altcoins. With the rise of other crypto, Bitcoin’s dominance is probably going to fade, and a more diverse investment environment will emerge.Coin Edition had reported earlier that for the past four weeks, investment in digital assets have seen inflows, mostly driven by Bitcoin. Bitcoin received $148 million in inflows the past week with an astounding $1.9 billion in total over the previous month.
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