NEAR Protocol

Bitcoin

April

Terra

Amidst the current financial landscape, analysts have directed attention to the cryptocurrency market, which shows signs of an upturn. Michaël van de Poppe, a respected figure in the trading community, has recently forecasted that the total cryptocurrency market cap could soar to an impressive $2.2 trillion. This projection comes as the market undergoes a consolidation phase, hovering below the crucial $1.6 trillion mark.
<h2 id="bitcoin-s-role-in-market-dynamics">Bitcoin’s Role in Market Dynamics</h2>
Bitcoin, the flagship cryptocurrency, plays a pivotal role in this anticipated growth. Recently, it overcame major resistance at $38,000, leading to <a href="https://coingape.com/bitcoin-price-stays-above-44k-despite-whales-dumping-btc-to-binance-coinbase/" rel="noopener noreferrer nofollow">optimistic</a> predictions about its future trajectory. Van de Poppe correlates Bitcoin’s breakthrough with the potential surge in the crypto market cap. He suggests that surpassing the $1.6 trillion resistance could propel the market towards the pre-Terra collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.
<h2 id="altcoins-gearing-up-for-a-milestone">Altcoins Gearing Up for a Milestone</h2>
Concurrently, altcoins are not far <a href="https://coingape.com/altcoin-season-top-performing-altcoins-bitcoin-price/" rel="noopener noreferrer nofollow">behind</a> in this potential financial revolution. EGRAG, another market analyst, envisions the altcoin market cap hitting the $1 trillion mark. This level of growth has not been seen since the downfall of the Terra ecosystem in May.&nbsp;
EGRAG recalls the dramatic drop that followed, plunging from $1.268 trillion in April 2022 to a low of $485 billion two months later. Currently, at a 19-month high of $735.5 billion, the altcoin market is steadily recovering, signalling a possible uptrend similar to the post-May 2022 scenario.
<h2 id="implications-for-bitcoin-and-altcoin-valuations">Implications for Bitcoin and Altcoin Valuations</h2>
If these predictions hold, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market cap of $1.2 trillion would mean a price <a href="https://coingape.com/grayscale-ceo-sees-30-trillion-boost-upon-bitcoin-etf-approval/" rel="noopener noreferrer nofollow">surge</a> to around $61,301 per token. Meanwhile, altcoins could experience a 2.3x increase in valuation, reaching up to $1.7 trillion. This prospect has led analysts to advise investors to watch for a rally around March 2024.
Read Also: <a href="https://coingape.com/near-protocol-surges-20-with-long-positions-dominant/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">NEAR Protocol Surges 20% With Long Positions Dominant</a>
The post <a href="https://coingape.com/bitcoin-and-altcoins-market-cap-to-reach-1-85t-and-2-2t-analyst/" rel="noopener noreferrer nofollow">Bitcoin and Altcoins Market Cap to Reach $1.85T and $2.2T, Analyst</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin and Altcoins Market Cap to Reach $1.85T and $2.2T, Analyst

Table of Contents

Coingape News Media

Other articles published on Dec 20, 2023

Spot Bitcoin ETF approval expected by January 10, 2024

Crypto Prices Today: NEAR Rallies While BTC, PEPE Coin Retreat

12th Global Blockchain Congress by Agora Group Took Place on December 11th & 12th at InterContine...

Easy 10x profits in 2024 on these 3 tokens

Bitcoin News: BTC Bulls on the Horizon. Crypto Analyst Predicts Positive Trend for Bonk & InQubeta

Kondux Reveals New Vision for Customizable and Interoperable Experiences in Web3 Environments

Join our free newsletter for daily crypto updates!