The top ranked altcoin, Ethereum broke its highest point ever and just like Bitcoin’s big breakthrough, it has drawn more and more participants into the cryptocurrency market. Valuations are rising everywhere, and the total altcoin Market capitalization is on the brink of a life-altering outbreak, as history repeats itself. And given the current momentum and FOMO in the market, a shocking rise is only weeks, if not days, away.
Ethereum, Bitcoin FOMO, Reignite Crypto Market Bull Run
Years ago, few knew about Bitcoin let alone Ethereum and the thousands of altcoins that have emerged since the introduction of the first decentralized currency.
Bitcoin’s Rapid Rise from $ 1,000 to $ 20,000 in 2017 caused other currencies to rise, and Ethereum peaked at $ 1,440. With the roaring of the top two coins, capital began to flow into low-liquidity altcoins, which skyrocketed in value.
Related reading | Here’s how high Bitcoin could go if 2017 repeats
The same scenario now happens again, after one big bullish breakthrough by both Ethereum and Bitcoin. Bitcoin led the charge rising from $ 20,000 to $ 42,000, and Ethereum is already trading $ 200 more than its previous record just days after breaking the record.
Both assets are now, and are, in pricing dragging the rest of the market. But according to the last major altcoin market breakout, we haven’t seen anything yet, and what’s to come could be life changing.
Altcoin market is on the verge of a major breakout | Source: CRYPTOCAP-TOTAL2
Altcoin Market capitalization on the eve of an incredible outbreak
Looking back at the latest crypto bull market, the altcoin’s total market capitalization went parabolic and added more than $ 340 billion in value in the coming months.
From millions to billions in months is no mean feat. The total crypto market cap including Bitcoin is good now more than $ 1 trillion. Could altcoins only be valued in the trillions soon? Some analysts believe that Ethereum alone could be worth more than $ 1 trillion. Estimates for Bitcoin run up to $ 10 trillion, so why not other altcoins end up doing the same?
Related reading | Altcoin season is here: “Buy Crypto” trumps Bitcoin searches on Google
Crypto is in bull mode and as a speculative asset class anything is possible, but when there are so many coins left, they have little to no use case, or are nothing more than memesEven if the market hits the trillions, capital will flow into fair value projects.
Life-changing wealth could be right around the corner, but remember that wealth is only earned when positions are closed. Don’t get stuck with bags of worthless but once pumping coins when it’s all said and done. XRP, for example remains significantly below its former all-time high, proving that not all altcoins are winners.
Featured image from Deposit Photos, Charts from TradingView.com