Analyst Kevin Svenson predicts a massive surge in altcoin prices is on the horizon. He believes the best is yet to come for altcoins, based on past market trends.
The TOTAL3 Breakout
Svenson, who boasts over 81,000 YouTube subscribers, focuses on the TOTAL3 chart. This chart tracks the total market cap of all cryptocurrencies except Bitcoin, Ethereum, and stablecoins. He points out that in previous cycles, after Bitcoin’s price stabilized, TOTAL3 experienced a huge jump. He expects a similar scenario to play out this time.
Timing the Altcoin Boom
Svenson forecasts the altcoin market’s most significant growth around 40 weeks after the Bitcoin halving in April 2024 – roughly late January 2025. He argues that we haven’t even reached the peak of the last cycle’s altcoin boom yet. He anticipates substantial gains, potentially mirroring the 170% increase seen in the previous cycle. While he doesn’t expect exactly the same percentage gain, he still sees a major price movement ahead.
Bitcoin Dominance to Fall?
Svenson also predicts a decline in Bitcoin dominance (BTC.D), the percentage of the total crypto market cap held by Bitcoin. He notes that historically, BTC.D starts to fall around 40 weeks post-halving. He anticipates a drop to around 42% within six months, down from the current level of around 58%. This drop, he suggests, will coincide with a surge in altcoin market share.
Potential TOTAL3 Market Cap
Svenson’s analysis suggests the TOTAL3 market cap could reach approximately $2 trillion at its peak, a significant increase from the current $982.2 billion.
Disclaimer: This information is for general knowledge and discussion only and does not constitute financial advice. Always conduct your own thorough research before making any investment decisions./p>
