Crypto analyst Kevin Svenson is predicting that the most explosive phase for altcoins in this market cycle is yet to come.
Svenson noted that historical trends suggest a potential breakout for the TOTAL3 chart, which tracks the market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins.
Svenson pointed out that during the 2021 cycle, as Bitcoin’s price stabilized, the TOTAL3 market saw significant gains. He expects a similar shift in the current cycle, particularly around the 40th week after the halving event in April 2024. This would place the expected surge in altcoin prices around late January 2025.
According to Svenson, while the altcoin market has yet to break its all-time highs, it’s poised for substantial growth.
He suggests the TOTAL3 market cap could climb to as high as $2 trillion, up from the current $982.2 billion, driven by a strong altcoin rally. He also believes Bitcoin’s dominance will begin to decrease after the 40th week, with altcoins gaining traction and market share. He forecasts that Bitcoin’s dominance, currently sitting at 42%, could drop further in the coming months.
A wave of bullish momentum is sweeping through smaller-cap altcoins, with ResearchCoin (RSC), Electroneum (ETN), and REI Network (REI) all recording substantial 24-hour gains.
XRP is drawing fresh investor attention as optimism builds around its legal standing and potential exchange-traded products (ETPs).
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Ethereum is showing strength in the face of broader market weakness, holding firm even as Bitcoin and other major assets trend downward.