The top ranked altcoin, Ethereum, has broken its all-time high and, like the great Bitcoin outbreak, attracted more and more participants to the cryptocurrency market. Valuations are rising everywhere and the total altcoin market cap is on the verge of a life-changing breakout if history repeats itself. Given the current momentum and the FOMO in the market, a shocking spike 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 first decentralized currency was introduced.
Bitcoin’s meteoric surge from $ 1,000 to $ 20,000 in 2017 sent other coins soaring, and Ethereum peaked at $ 1,440. With the roar of the top two coins, capital began to flow into low cap illiquidity altcoins, the value of which skyrocketed.
Related reading | Here’s how high Bitcoin could go if 2017 repeats itself
The same scenario is happening again now after both Ethereum and Bitcoin have seen a big uptrend. Bitcoin led the indictment rising from $ 20,000 to $ 42,000, and Ethereum is trading up its previous high of $ 200 just days after breaking the record.
Both assets are currently in pricing and are dragging the rest of the market. But we haven’t seen anything since the last big breakout in the altcoin market, and what’s coming soon could be life changing.
The altcoin market is about to have a major breakout Source: CRYPTOCAP-TOTAL2
Altcoin market cap on the cusp of the incredible breakout
Looking back on the recent bull market for crypto, total altcoin market cap went parabolic, adding more than $ 340 billion in value in the coming months.
From millions to billions in months – no easy task. The total market cap for crypto, including Bitcoin, is now well over $ 1 trillion. Could altcoins alone soon be valued in the trillions? Some analysts believe Ethereum alone could be worth more than $ 1 trillion. Estimates for Bitcoin reach up to $ 10 trillion. Why can’t other altcoins do that in the end?
Related reading | The altcoin season is here: “Buy Crypto” outperforms Bitcoin searches on Google
Crypto is in bull mode and anything is possible as a speculative asset class, but when so many coins still have little to no use case or are nothing more than memes, even if the market makes it to trillions, the capital flows into projects real value.
Life changing wealth could be just around the corner, but remember, wealth is only created when positions are closed. Don’t hold on to worthless sacks, pump coins once when all is said and done. XRP, for example, remains well below its previous all-time high, proving that not all altcoins are winners.
Featured image from deposit photos, charts from TradingView.com