- Amid the current financial environment, analysts are turning their attention to the cryptocurrency market, as it shows signs of recovery.
- At the same time, altcoins are not lagging behind in this potential financial revolution. Another market analyst envisions the market value of altcoins reaching the $1 trillion level.
- The altcoin market, currently at a 19-month high of $735.5 billion, is slowly recovering, indicating a potential upward trend.
All eyes are on the crypto world: How high can the total market value of the cryptocurrency market go?
Predictions for the Total Market Value of Cryptos
Amid the current financial environment, analysts are turning their attention to the cryptocurrency market, as it shows signs of recovery. Michaël van de Poppe recently predicted that the total cryptocurrency market value could reach an impressive $2.2 trillion. This projection comes at a time when the market is in a consolidation phase below the critical $1.6 trillion level.
Bitcoin, taking a leading role in this expected growth, recently surpassed a significant resistance at $38,000, leading to optimistic predictions about its future. Van de Poppe associates breaking this resistance with a potential increase in the crypto market value. Overcoming the $1.6 trillion resistance could potentially lead the market to levels before the Terra collapse, first to $1.85 trillion, and eventually to $2.2 trillion.
At the same time, altcoins are not lagging behind in this potential financial revolution. Another market analyst envisions the market value of altcoins reaching the $1 trillion level. This growth level has not been seen since the collapse of the Terra ecosystem.
The analyst recalls this collapse, citing a dramatic drop from $1.268 trillion in April 2022 to $485 billion in May. The altcoin market, currently at a 19-month high of $735.5 billion, is slowly recovering, indicating a potential upward trend.
Internal Impacts on Bitcoin and Altcoin Valuations
If these predictions come true, the impacts on individual cryptocurrencies could be significant. A total market value of $1.2 trillion for Bitcoin would mean a price increase of approximately $61,301 per token, while altcoins could experience a 2.3% increase in valuation, reaching up to $1.7 trillion. This situation warns analysts to advise investors to expect a rally around March 2024.
