Cryptocurrencies stabilized and even retraced during the consolidation phase, when most cryptocurrencies lose value, offering investors an excellent opportunity to buy into the market at cheaper prices.
Even though many analysts indicate that the market is overbought, a well-known crypto enthusiast has shared even more incredible expectations for the market—the overall market capitalization may hit $15 trillion.
Let’s’ take a look at what has happened and what is the forecast of the market according to the opinion of a popular crypto trader? He pointed out that the total market capitalization of cryptocurrencies is exhibiting some stagnation after a severe pullback of 25 percent, which organically led to a decline of 50-70 percent in altcoins. Still, the moving average of this trading tool suggests that van de Poppe remains bullish on the market in 2017.
The expert has provided more details about the possible action plan in a detailed post on X (formerly Twitter) where he notes that the market might prepare to “see some more consolidation before a clean break of the all-time high.” He posits that the total market cap is probably heading to $15T, meaning a possible 484% increase from the current market value.
In the same line, van de Poppe has pointed out that the cryptocurrency community is keenly awaiting the completion of the S-1 documents for the approved spot Ethereum (ETH) exchange-traded funds (ETFs). This could be nudged further by the approval of these ETFs and their listing, which may signal a continuous, unbridled run for the market.
Despite the cryptocurrency market’s instability, the statistician’s forecast indicates the likelihood of the marketing returning to life shortly. The market is currently in the consolidation phase, and people are looking at emerging changes that might determine the future markets of cryptocurrencies.
Crypto market cap analysis
We all know that the cryptocurrency market can be characterized as rather volatile, evidenced by the changes in the total market capitalization in the past few weeks.
According to the latest stats as of May 27, 2021, the market capitalization of all decentralized assets reached $2. 57 trillion, which only increased slightly at 0. Up by 7% in the last 24 hours, this figure was a more significant 5%. Grasping 76% growth over the previous seven days and an unbelievable 11% week-on-week growth. An improvement of 26% based on the chart of the month-end. This means that the year-to-date has increased by 54%. 82%.
Thus, two digital assets stand out from the rest in a rapidly changing market environment. The Aptos blockchain (APT) has recently hit a record in daily transaction volumes, which may be instrumental in achieving the decentralized economy’s anticipated market capitalization of $15 trillion.
Additionally, Render (RNDR) has been benefiting from the success of the artificial intelligence (AI) giant Nvidia (NASDAQ: S&P 500 strengthening the outlook for the crypto market with major directional stocks like (NASDAQ: NVDA).
These advancements and the experts’ predictions have sparked much interest among the cryptocurrency industry’s investors and users amidst its growth. Whether the market can continue the upward movement as predicted towards an inflating $15 trillion figure remains a conjecture and an observation.
