With the general cryptocurrency sector going through a strong recovery, its altcoin portion is no exception, as its market capitalization is currently standing above a critical threshold, with more gains possible in the near future, according to crypto analyst Michaël van de Poppe.
Specifically, as van de Poppe observed, the total crypto market cap sans Bitcoin (BTC) is above the crucial level of $675 billion, adding that he expects continuation towards $1 trillion or even $1.25 trillion in the next two to four months, he said in an X post published on January 30.
Indeed, the altcoin market has recently managed to reclaim the 200-week moving average (MA) and flip the resistance at around $675 billion into support, which has initiated an uptrend toward the next resistance points that the crypto trading expert noted stood at about $1 trillion and $1.257 trillion, respectively.
Altcoin market cap analysis and prediction. Source: Michaël van de Poppe
Strongest altcoins
Meanwhile, some altcoins are showing signs of more strength and resilience than others, including Polygon (MATIC), which has posted strong technical and fundamental indicators towards doubling its price after a difficult year or reaching the range between $1.25 and $1.50, as Finbold reported on January 29.
Support and resistance points for MATIC. Source: Michaël van de Poppe
At the same time, the largest altcoin by market cap, Ethereum (ETH), has recently managed to outperform Bitcoin for the first time since October 2022, as well as recording increased activity in the derivatives market, indicating a possible shift in capital flows, as per the latest report by Glassnode.
Ethereum vs. Bitcoin price performance. Source: Glassnode
All things considered, the altcoin market as a whole has demonstrated that it has enough stamina to continue with gains in the following months, supporting van de Poppe’s expectations. However, things in this industry can change rapidly, so doing one’s own research is essential before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
