Altcoins bubble on the way, crypto market cap may reach $11 trillion by 2023
- Cryptocurrency analyst expects another altcoin bubble by 2023.
- Bitcoin price may peak at $140,000 before another bearish cycle.
Cryptocurrency analyst Benjamin Cowen forecasted another altcoin bubble by 2023. He used logarithmic regression to predict that the total capitalization of altcoins will hit $11 trillion.
According to his forecast, the next alt season rally may result in 313x return. Under such scenario, the market value will reach $32 trillion by 2023. However, Cowen says that this estimation is unrealistic.
Meanwhile, 11 trillion is a more conservative and achievable capitalization peak. This scenario implies that Bitcoin will reach $141,000 per coin before the price enters another downside correction. However, its market dominance will retreat to 23%, while the market capitalization will be registered at $2.7 trillion.
At this stage, altcoin rally looks like a distant dream as Bitcoin's market dominance has grown to $68.9% amid sharp sell-off on the market during the previous week. The total market value of the first digital coin is registered at $136 billion, while the price has settled at $7,550, mostly unchanged since the beginning of Monday.
As we are heading into the holiday season, the low liquidity conditions may lead to sharp price movements and volatility spikes. In 2019, the Christmas was quiet as the market drifted within narrow ranges. However, in 2017 we witnessed wild price movements before Christmas that took Bitcoin to a new all-time high at $19,810.
Author
Tanya Abrosimova
Independent Analyst
