Popular cryptocurrency analyst Michaël van de Poppe is forecasting a surge in the value of altcoins, the term used to refer to cryptocurrencies other than Bitcoin, expecting them to see their total market capitalization near $1 trillion.
In a post on the microblogging platform X (formerly known as Twitter) shared with his 707,500 followers, van de Poppe pointed to a recent pullback in the altcoin market capitalization that he deemed “very healthy,” and that could “likely” be breaking upwards in the coming months.
Very healthy correction on the #Altcoin market capitalization, likely to be breaking upwards to the highs in the upcoming months, while Bitcoin consolidates. pic.twitter.com/vnnlOC6lXS
— Michaël van de Poppe (@CryptoMichNL) March 24, 2024
Van de Poppe suggested that the recent price dip may mark the bottom for many altcoins, expressing optimism, noting that “looking at the weekly candles across the markets, it seems like we’re relatively bottoming out for most of the altcoins.” This aligns with his prediction of the total altcoin market cap reaching nearly $1 trillion, up from its current level around $750 million.
The analyst suggested that while Bitcoin consolidates and tests the area around the $70,000 mark, altcoins could keep on surging.
As CryptoGlobe reported, cryptocurrency investment products saw outflows totaling $942 million over the past week, after seven weeks of inflows that totaled more than $12 billion amid “hesitancy” among investors that came as a result of a recent cryptocurrency market correction.
Trading volumes in exchange-traded products (ETPs), nevertheless, remained high over the past week at $28 billion, a figure that represents two-thirds of the volumes seen in the prior week, after a price correction saw the total assets under management of these products drop by $10 billion to $88 billion.
CoinShares’ Digital Asset Fund Flows rerpot details that Bitcoin-focused investment products suffered $904 million of outflows, while Ethereum-focused products saw $34.2 million of outflows. Altcoins including Solana and Cardano also saw outflows of $5.6 million and $3.7 million respectively, with multi-asset products seeing $7.3 million of outflows.
Notably, investment products offering exposure to XRP saw $1.2 million of inflows, while those offering exposure to Polkadot ($DOT) saw $5 million of inflows.
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