198 Interactions, 2 today
The altcoin market cap has flipped from resistance to help — the last time this happened, it earned 27,623 percent in a year.
Altcoins have delivered massive gains this year, but if they replicate their 2017 gains, hodlers could be in for a 27,000 percent moonshot.
These are the possible combined returns for altcoin holders if history repeats itself this year, according to famous trader Rekt Capital.
One trader sees “just the beginning” for altcoins’ 2021
In a tweet on May 3, Rekt Capital noted that at the start of 2017, the market capitalization of altcoins flipped its previous cycle high to support. That high had come in late 2013, and as a new floor level, it launched the market cap to a peak no less than 27,623% above it.
It just took a year, and Rekt Capital predicted that, while almost unthinkable, the same thing could happen by the end of 2021. The altcoin market cap has increased by 119 percent in the last two months alone, after reversing the same 2017 high to help.
How much will an altcoin market be worth if it reached 27,623 percent of its peak in 2017? A regal $152.6 trillion.
“This is just the beginning,” he said.
Bitcoin gets shown up despite own rally
The numbers come after Ether (ETH), the biggest altcoin, became a focal point in its own right on May 3, having reached $3,000 and going on to see dizzying new all-time highs.
According to Cointelegraph, Bitcoin (BTC) has performed relatively poorly, gaining about 11 percent over the last week compared to Ether’s 28 percent.
Many of the other big capitalisation altcoins have outperformed Bitcoin in terms of weekly returns, with experts expecting fresh all-time peaks elsewhere.
However, in support of BTC, fellow analyst Scott Melker pointed to higher time frames for signs of an impending uptick.
“There have been quite a few ‘bad’ weekly candles on the Bitcoin chart in the past year,” he noted.
“Each has been followed by bullish movement up to new highs.”