$750 Billion Highlight from Technical Analyst: How Will It Affect the Market?

The cryptocurrency market has been progressing quite positively for a while, commenting on the current situation, “thescalpingpro” shared his comment that the altcoin market can get even better.

The analyst referred to a chart showing that the market capitalization of the altcoin is currently $509 billion. According to his analysis, the analyst pointed to a potential upside that could see the market capitalization rise to $750 billion one day.

As we reported Koinfinans.com, the analyst’s expectations are progressing based on the increasing positive sentiment in the altcoin markets. Since the start of the Bitcoin ETF-backed rally, it has reached new annual highs on top of increased investor activity in the major market.

Moreover, as previously reported, the altcoin has also managed to surpass Bitcoin in futures (OI) rates. Notably, Bitcoin’s OI rate dropped by 39% as of Dec. 26. In contrast, altcoins’ OI increased by 41%, outpacing BTC.

Furthermore, crypto analysts hint that the altcoin market will continue its bullish trend heading into 2024. Crypto analyst “Moustache” emphasized that the market capitalization of alternative currencies is teetering on the edge of a golden cross, which could indicate a potential higher price trend.

While Bitcoin’s price has progressed further moderately, large companies have reportedly made higher gains over the same period. Moustache said that this trend shows that altcoins are leading the current market rush and moving away from the usual price movements dictated by Bitcoin.

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