Analyst predicts altcoin breakout above $800 billion market capitalization
- Crypto analyst Michaël van de Poppe believes altcoin market capitalization could breakout above $800 billion soon.
- The analyst notes that the recent correction in cryptocurrencies resulted in a drawdown in prices of assets, erasing 4% market cap.
- Ethereum, Lido staked Ether and Binance Coin erased between 2% and 6% of their value in the past week.
Ethereum ETF approval by the Securities & Exchange Commission in the past week failed to catalyze gains in Ether. Despite optimism among market participants, Bitcoin remained in the spotlight while altcoins in the top 10 assets ranked by market cap experienced a drawdown.
Ether, Lido staked Ether and Binance Coin erased their value in the past week.
Crypto analyst predicts altcoin market cap recovery
Michaël van de Poppe said in a recent tweet that the crypto market suffered a correction that was “harsh” for several altcoins. It resulted in a drawdown in market capitalization, a 4% correction.
The analyst expects the correction to end and give way to the next “big breakout” in the sector, pushing market cap above $800 billion.
Altcoin market capitalization
It was a harsh week for several #Altcoins, however, the #Altcoin market capitalization has seen a 4% correction.
— Michaël van de Poppe (@CryptoMichNL) July 27, 2024
The entire correction is over and this is just a build-up before the next big upward breakout above $800 billion takes place. pic.twitter.com/1ihutYDNoI
Analyst behind the @DaanCrypto handle notes the performance of top altcoin sectors in the last seven days. The chart compares meme coin performance side by side with other sectors like Artificial Intelligence (AI) and Layer 1.
AI tokens had a bad start, picked up later in the week and started recovery. Layer 1 tokens and meme coins were the best performing sectors.
The best performing #Altcoin sectors this week have been the Layer 1s and Memes.
— Daan Crypto Trades (@DaanCrypto) July 27, 2024
AI coins had a bad start but are recovering well.
The harder they fall... the bigger they bounce (usually). pic.twitter.com/ia0osqAN6K
Among meme coins, the largest asset ranked by market capitalization is Dogecoin. @AltcoinSherpa, crypto analyst and trader suggests traders looking to capture “some” of the meme mania buy DOGE. Dogecoin could rally to $0.50 and beyond in the next six to twelve months, per the analyst’s prediction.
$DOGE is a great coin to have but the returns aren't going to be near the same as last cycle due to the marketcap. Still, it's a good one if you have huge size and still want to capture *some* of the meme mania. This will probably go to $0.50+ in the next 6-12 months IMO pic.twitter.com/UfVGzIdmpm
— Altcoin Sherpa (@AltcoinSherpa) July 26, 2024
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
