June 23, 2021

Altcoin Market Cap On The Verge Of Life-Changing Breakout

2 min read

The top ranked altcoin, Ethereum, has actually broken its all-time high and like Bitcoin’s huge breakout, it has actually brought in a growing number of participants to the cryptocurrency market. Assessments are increasing all over, and the overall altcoin market cap is on the verge of a life-changing breakout, if history repeats. And provided the existing momentum and FOMO across the market, a shocking surge is only weeks if not days away.

Ethereum, Bitcoin FOMO, Reignite Crypto Market Bull Run

Years earlier, couple of knew of Bitcoin let alone Ethereum and the countless altcoins that have actually emerged since the introduction of the very first decentralized currency.

Bitcoin’s meteoric rise from $1,000 to $20,000 in 2017 prompted other coins to skyrocket, and Ethereum reached a peak of $1440. With the 2 leading coins roaring, capital started to stream into illiquidity low cap altcoins, which skyrocketed in value.

Associated Reading|Here’s How High Bitcoin Could Go If 2017 Repeats

The exact same situation is now occurring once again, following a big bullish breakout by both Ethereum and Bitcoin. Bitcoin led the charge with an increase from $20,000 to $42,000, and Ethereum is already trading $200 more than its former high just days after climaxing.

Both possessions are in rate discovery now, and are dragging up the rest of the market. But according to the last major altcoin market breakout, we’ve not seen anything yet, and what’s about to arrive could be life-changing.

altcoin total 2 cryptocap

Altcoin market is on the brink of a significant breakout|Source: CRYPTOCAP-TOTAL2 Altcoin Market Cap On The Cusp Of Incredible Breakout Looking back at the last booming market for crypto, the total altcoin market cap went parabolic and added more than $340 billion in value in the coming months.

From millions to billons in months in no simple feat. The total crypto market cap including Bitcoin is now well over $1 trillion. Could altcoins alone quickly be valued in the trillions? Some analysts think that Ethereum alone could be worth more than $1 trillion. Estimates for Bitcoin reach as high as $10 trillion, so why can't other altcoins ultimately do the same?

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Crypto remains in bull mode and as a speculative property class anything is possible, however when still many coins have little to no usage case, or are nothing more than memes, even if the market does make it to trillions the capital will stream into jobs with genuine value.

Life-changing wealth might be right around the corner, however keep in mind, wealth is only made when positions are closed. Don't be stuck holding bags of worthless but once pumping coins when its all stated and done. XRP, for instance, remains significantly below its former all-time high, showing that not all altcoins are winners.

Included image from Deposit Photos, Charts from TradingView.com