Coin Edition -
- Altcoin market shows signs of strength as leading altcoins engineer significant gains.
- Analyst predicts potential new yearly highs for altcoins amid longstanding resistance.
- Altcoin cap may rise by 19%, reaching $455.86 billion, with potential for pullbacks.
With leading alternative cryptocurrencies (altcoins) such as XRP, Cardano (ADA), and Solana (SOL) engineering significant gains in recent weeks, experts in the community seem increasingly optimistic about the potential of the overall altcoin market.
Pentoshi, a prominent Bitcoin analyst account on X with over 750K followers, has weighed in on the potential for the overall altcoin market to break a year’s peak amid an overstayed resistance.
Pentoshi first highlighted that the current valuation of all altcoins, excluding Ethereum, has dropped below the 2017/2018 all-time high (ATH). Given the altcoin cap of around $383 billion, the analyst expressed frustration at the bearish forces that have hindered altcoins from breaking out significantly after all the years.
Nonetheless, the analyst believes that a breakout from this resistance level could lead to new yearly highs for altcoins in the short to medium term.
Altcoins excluding $BTC and $ETH Right now right under 2017/2018 athCrazy 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