Rekt Capital, a well-followed crypto analyst and trader, has delved into the altcoin market, analyzing the potential future of the sector. He recently evaluated the emerging altcoin Polkadot (DOT) and the leading cryptocurrency Bitcoin (BTC), providing insights into their performance and future trends.
The analyst expressed optimism for altcoins beyond the top 10 by market value, highlighting that the entire altcoin market, excluding the major cryptos, has overcome significant barriers that were present last month. He emphasized that the market value of altcoins had retested two historical levels, suggesting a potential for reaching new all-time highs during this cycle.
Rekt Capital pointed out that the market value of altcoins, excluding the top 10, is likely to hit record levels soon. The top 10 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), BNB, XRP, USDC, Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE), are not expected to be the only ones seeing a rise, with the analyst predicting a broader market upswing.
Focusing on the interoperable blockchain Polkadot (DOT), the analyst noted that DOT has recently rallied by over 60%. He stated that Polkadot’s retest appears to be successful, with the coin having surged by 66% since its separation from the macro market structure.
Turning to Bitcoin, Rekt Capital reviewed the cryptocurrency’s performance, noting a strong recovery from the $41,200 level. He mentioned that Bitcoin has formed a new ascending low and has successfully regained a previously lost price range. The technical retest of the lower range is ongoing and appears to be positive.
Current data shows BTC trading at $43,616, down 1.19% in the last 24 hours, yet the figures indicate that Bitcoin has risen by 3.38% over the past week and 16.87% in the last 30 days, suggesting a steady upward trend for the leading cryptocurrency.