Although many assets in the cryptocurrency industry are consolidating their previous gains, and the total crypto market capitalization is doing the same following a deep correction, a popular crypto expert has projected that the total crypto market cap might hit a staggering $15 trillion.
Specifically, professional crypto trader Michaël van de Poppe has recently observed that the total crypto market capitalization was consolidating after a 25% correction and that this included a “50-70% on altcoins,” according to his detailed analysis published in an X post on May 25.
With this in mind, van de Poppe has predicted that the market could expect “some more consolidation before a clean break of the all-time high,” voicing his vision of the “total market cap going to $15T,” which would suggest a rally of 484% from the crypto sector’s current market cap.
Total crypto market cap analysis. Source: Michaël van de Poppe
As the analyst observed more recently, the crypto arena is currently waiting for the S-1 documents for the approved spot Ethereum (ETH) exchange-traded funds (ETFs) that would finalize the approvals and possibly precede the “continuation on the markets in a strong manner.”
Last week was a huge week for #Crypto.Currently, we're waiting for the final approvals: the S-1 documents for the Ethereum ETF.Once that's done, we'll see continuation on the markets in a strong manner.
— Michaël van de Poppe (@CryptoMichNL) May 27, 2024Crypto market cap analysis
Meanwhile, the total market cap of all digital assets at press time stood at $2.57 trillion, suggesting a 0.07% increase in the last 24 hours, an advance of 5.76% across the previous seven days, and an 11.26% gain on its monthly chart, adding up to the growth of 54.82% since the year’s turn, as per data on May 27.
Total crypto market cap 1-year chart. Source: CoinMarketCap
Among the digital assets that could help the entire crypto arena reach the predicted total market cap might be Aptos (APT), which has recently set a record in daily transactions, and Render (RNDR), feeding off the success of the artificial intelligence (AI) giant Nvidia (NASDAQ: NVDA), as Finbold reported on May 26.
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