A prominent crypto analyst, known by the pseudonym Rekt Capital, has suggested that the altcoin market cap is gearing up for further growth. The analyst, who considered historical data, has issued critical warnings to investors about potential market movements.
Rekt Capital shared a chart on social media that examined the market cap of all crypto projects excluding the top 10 tokens. The analyst pointed out that historically, when the altcoin market cap retests a certain value area around $182.86 billion, it has seen significant increases.
Recently, the altcoin market cap passed through this key region. Rekt Capital specifically mentioned Cardano (ADA), a competitor to Ethereum (ETH), which is attempting to break out from a recent high-level short-lived accumulation range. A confirmed breakout would indicate ADA’s readiness to rise to $0.72, according to the expert.
Rekt Capital also commented on the NEAR Protocol (NEAR), another Ethereum competitor, suggesting that gains may be on the horizon. If NEAR can reclaim the $4.36 level as support before the end of December, it could rise to $6.
At the time of writing, NEAR was trading at $4.31, showing nearly a 5% increase over the last 24 hours. Conclusively, the crypto analyst Rekt Capital highlighted that the altcoin market cap is testing a historical region, emphasizing the potential breakout points for Cardano (ADA) and NEAR Protocol (NEAR), with ADA possibly rising to $0.72 and NEAR potentially reaching $6.