- The altcoin market has been growing rapidly.
- The market capitalization of altcoins to soar from $85 billion to $1.73 trillion in 2020.
- Most cryptocurrencies saw a price correction at the end of the week.
Because of the resurgence of Bitcoin and the shifting dynamics of the cryptocurrency market, the altcoin market has been growing rapidly. Analysts and investors remain upbeat even though the altcoin market’s recent momentum seems to be fading.
Using the Moving Average Convergence/Divergence (MACD) indicator on the monthly altcoin chart, cryptocurrency analyst Mags predicted that the value of most cryptocurrencies would go parabolic in the upcoming years.
Mags points to a historical bullish cross that occurred in 2020 and caused the market capitalization of altcoins to soar from $85 billion to $1.73 trillion.
Mags believes that the altcoin market will see a similar bull run if this MACD cross happens once more. In addition, Mags predicted that the altcoin market would grow to a $7 trillion valuation by 2025, a 1,000% increase from its $637 billion current valuation.
According to data from CoinGecko, the market capitalization of all cryptocurrencies is $1.429 trillion, with Bitcoin continuing to hold the top spot.
Most cryptocurrencies saw a price correction at the end of the week, according to a recent Sentiment report, which indicates that Bitcoin is regaining its lead in the altcoin space. Fast price rebounding, though, might happen if the public starts exhibiting fear, uncertainty, and doubt (FUD).