Summary
- Cointelegraph reported on the possibility of an approaching "altcoin season."
- It stated that if altcoin market capitalization breaks through a key resistance, it could surpass the all-time high of $1.72 trillion.
- A market expert predicted that in this cycle, altcoin market capitalization could rise up to $5 trillion.
On the 18th (local time), cryptocurrency-focused media outlet Cointelegraph reported that "an altcoin season is approaching."
According to the media, the total altcoin market capitalization (TOTAL2) excluding Bitcoin (BTC) currently stands at around $1.5 trillion, which is the major resistance level that was last tested in January this year.
The outlet predicted that if this resistance is broken, the altcoin market cap could surpass the all-time high of $1.72 trillion in the long run.
In particular, there is also analysis that the recent decrease in BTC deposits to exchanges by whale investors and the overall reduction in BTC selling pressure have created room for funds to move into the altcoin market.
A market expert forecasted that the altcoin market cap could rise up to $5 trillion in this cycle. This is interpreted as a signal hinting at the possible start of a full-fledged altcoin bull market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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