In a recent analysis, expert Kevin Svenson suggests that the most lucrative phase for altcoins is on the horizon, contrary to prevailing market perceptions. He cites historical trends and anticipates a notable rise in the TOTAL3 chart, which tracks the market valuation of cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. Svenson predicts this bullish trend could kick off about 40 weeks following the upcoming Bitcoin block reward halving in 2024.
What Opportunities Lie Ahead for Altcoins?
The TOTAL3 chart is a critical indicator for those monitoring the altcoin market. Svenson highlights that in the previous cycle, the chart surged by 170% after surpassing its all-time high. While he does not expect a repeat of such exponential growth, he asserts that a significant increase is imminent, projecting the market capitalization of TOTAL3 could leap to $2 trillion from its current $98 billion.
Will Bitcoin’s Dominance Decline?
Svenson anticipates a marked decrease in Bitcoin’s market dominance over the next six months, predicting it could fall to 42% from its present level of 58.01%. He believes this shift will redirect investor attention toward altcoins, signaling that the altcoin market’s most profitable period may soon begin. Svenson emphasizes the importance of closely observing the TOTAL3 chart for forthcoming shifts in the cryptocurrency landscape.
– The TOTAL3 chart may indicate a surge for altcoins.
– A predicted rise in market cap could reach $2 trillion.
– Bitcoin’s dominance is expected to decrease, favoring altcoins.
Svenson’s insights provide a compelling outlook on the altcoin market’s potential. Nevertheless, investors should approach these forecasts with caution and consider them as part of a broader strategy in their investment decisions.
