Crypto analyst Kevin Svenson predicts that the altcoin market in this market cycle has not yet reached its most explosive phase. Svenson noted that historical trends indicate a potential breakout for the TOTAL3 chart, which tracks the market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins.
During the 2021 cycle, as Bitcoin’s price stabilized, the TOTAL3 market experienced significant gains. Svenson expects a similar shift in the current cycle, particularly around the 40th week after the halving event in April 2024. This suggests that the surge in altcoin prices is likely to occur around late January 2025.
Svenson believes that the altcoin market is poised for substantial growth, although it has yet to break its all-time highs. He suggests that the TOTAL3 market cap could potentially climb to $2 trillion, compared to the current $982.2 billion, driven by a strong rally in altcoins. He also predicts that Bitcoin’s dominance will begin to decrease after the 40th week, with altcoins gaining traction and market share. He forecasts that Bitcoin’s dominance, currently at 42%, could further decline in the coming months.