Since October 11, the Bitcoin market has grown by 27.01%. Post the US presidential election, the market has surged by 12.85%. The Altcoin market has also registered a growth of around 19.43% during the same period. A crypto expert, named Captain Faibik, suggests that the true Altcoin rally has not yet been started, indicating that the crypto market may soon witness a fresh Altcoin rally. Here is the update!
Crypto Expert’s View on Altcoins
The expert thinks that the Altcoin market rally has not yet begun. On November 5, the market cap of the Altcoin market was $874.151B. On November 6, the market climbed to a peak of $973.543B, surpassing the October peak of $969.059B. The market currently stands at $1.044T – which is at least 3.73% lower than the July peak of $1.083T. Notably, in mid-March, the total market cap of the ALT market was around $1.241T.
Why an Altcoin Rally Might Be on the Horizon
Bitcoin remains the top player in the crypto market. Historically, Altcoins tend to follow Bitcoin’s movements. The Bitcoin market has already surpassed its all-time high of $73,000+. To reach the mid-March peak, the Altcoin market has to grow at least 18.75%. This clearly implies that there is more room for growth in the Altcoin market.
Ethereum Market: An Overview
Since November 5, the Ethereum market has climbed by at least 27.19%. However, the market is at least 33.19% lower than its March peak of $4,061.71. Between July 30 and August 7, the market suffered a massive fall of 41.64%. On July 30, the ETH price was $3.316.78. If the market grows at least 8.71%, it can reclaim losses from the steep fall experienced in early August.
Implications for Altcoin Investors
Investors who have been watching altcoins may see this as an opportunity to prepare for potential gains. With the possible Altcoin rally yet to kick off, now could be a strategic time to consider high-potential Altcoin investments.
In conclusion, as the crypto market evolves, Captain Faibik’s insights highlight an exciting potential for the growth of the Altcoin market.
