The founding partners of cryptocurrency analysis firm Glassnode believe that as Bitcoin (BTC) and Ethereum (ETH) rise in value, altcoins will also gain worth. A statement shared on a social media platform indicates that the total market value of altcoins is on the rise, painting a positive picture for these cryptocurrencies.
Jan Happel and Yann Allemann assert that while Bitcoin is decisive in market movements, the total market value of altcoins is on the verge of catching up with this rise. They foresee a potential climb for altcoins, led by the advances of Ethereum and BTC.
The co-founders also anticipate an increase in Bitcoin price volatility, while believing that the upward trend will continue. They note that BTC maintains its overall upward trajectory, but they also warn that its price could fall back to the $40,000 level.
According to predictions made using the Elliott Wave theory by experts, the total value of the cryptocurrency market could surpass the all-time high of 4.4 trillion dollars during the current bull run. This could exceed the previous all-time high of approximately 3 trillion dollars.
The Elliott Wave theory posits that fluctuations in crowd psychology emerge in waves and that these fluctuations can be used to predict price movements. The expert suggests that when cryptocurrencies start moving, the ascent could lead to a vertical position at the end of the rise and that extreme enthusiasm could be experienced during this movement.