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The cryptocurrency market is buzzing with excitement as analysts speculate about the possibility of altseason. The anticipation is caused by a major surge in the total market capitalization of altcoins including Ether. Currently, the total market capitalization for altcoins is approximately $1.16 trillion, which is up by 15% within the past two weeks. This increase has propelled the market cap to critical resistance levels, which are very similar to mid-March peaks at $1.2 trillion.
Crypto traders and analysts are particularly optimistic after Ether's impressive 27% gain over the last seven days as of May 26. Famous trader 'Trader Tardigrade' predicted that the altcoin market could potentially triple its current market cap. This could happen if it breaks out from an "inverse head-and-shoulders pattern."
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Meanwhile, other market experts also agree with this statement. 'Rekt Capital' noted that the altcoin market cap is about to achieve its highest weekly close since early April 2024, which suggests a bullish trend in the market.
Inverse head-and-shoulders pattern. Source: Trader Tardigrade
Technical analyst 'Yoddha' emphasized the potential for significant rally. He stated "Expect some insane pump in alts when this breaks above the weekly resistance."
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Similarly analyst 'Moustache' with robust following of 120,000 on X declared, "Altseason is just around the corner."
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Historically market trends show Bitcoin prices surging first, then comes Ether, finally the altcoin markets as capital flows into lower-cap coins. This pattern is once again in the spotlight. Michaël van de Poppe, founder of MN Trading observed that the recent 25% market correction resulted.
In steeper 50-70% correction for altcoins, despite this he remains bullish, he predicts that total market capitalization could skyrocket to $15 trillion - a staggering 450% increase from the current $2.7 trillion.
With total crypto capitalization fluctuating between $2.3 trillion and $2.9 trillion over the past three months, the stage is set for potentially explosive altseason. Now the question is will you ride the rocket or get left behind.
It will be an exciting time to be in the cryptocurrency market. However, traders should always do his own research and never dare to invest more than he can afford to lose. The future remains uncertain but the potential for growth is undeniable.
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