An expert analyst in the field of crypto assets believes that the altcoin market is primed for significant rallies, drawing parallels to the explosive growth seen in 2016 and 2021.
TechDev, a pseudonymous analyst with a substantial following on social media platform X, is closely monitoring the OTHERS chart, which tracks the total market capitalization of cryptocurrencies excluding the top 10 digital assets and stablecoins. He notes that OTHERS is displaying a classic bullish formation after breaking out from a rounding bottom pattern.
Describing the current situation as “Alts are entering textbook markup,” TechDev highlights the similarities between the current pattern on the OTHERS chart and the one observed during the 2016 bull market cycle. He also points out that the TOTAL3 chart, which excludes Bitcoin, Ethereum, and stablecoins, exhibited a similar pattern in 2021 before experiencing a significant upward trend.
TechDev’s analysis suggests that OTHERS could potentially reach a market cap of $1 trillion during its markup phase, with its current value at $291.35 billion indicating a potential upside of over 243% if it reaches this target. Furthermore, he points to bearish signals on the Bitcoin dominance and Tether dominance charts, indicating a shift of capital from these assets to altcoins.
The analyst sees the launch of spot market Ethereum exchange-traded funds as a potential catalyst for the next surge in altcoins. With signs pointing towards a favorable environment for altcoin growth, TechDev anticipates a new narrative to emerge that could further drive the market.
