Trader Says $425,000,000,000 Altcoin Market Cap Likely To Be Broken, Updates Outlook on Bitcoin
A closely followed crypto analyst says the $425 billion resistance level for the altcoin market cap may soon be broken. In a new strategy session, crypto trader Rekt Capital tells his 535,600 followers on the social media platform X that the OTHERS chart, which depicts the total crypto market cap excluding the top ten coins, may soon have a massive recovery. He says that the OTHERS retracement from the $425 billion level is shallower than prior breakdowns, suggesting there is now a greater potential for the alt market cap to flip it into support. “Altcoin market cap has indeed rejected from $425 billion resistance (black). Altcoin market cap has retraced substantially since. However, this is altcoin market cap’s way of producing a shallower retrace to show how $425 billion is weakening as a point of rejection.” Source: Rekt Capital/X The analyst believes the shallower retracement could give the altcoin market cap more firepower to hit new local...