Summary:
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- The altcoin market cap broke past its 2017 highs in early February to post a high at $684B
- It retested the 2017 highs as support in late February before taking off again and is currently at $684B
- According to Rekt Capital, the altcoin market cap could be gearing up for something spectacular based on a similar retest of an old all-time high in late 2016
- If history repeats itself, the altcoin market cap could grow by 27,000% in one year
Bitcoin has more or less stolen the spotlight since it broke the crucial $10k ceiling back in July of last year. The King of Crypto has gone on to blast through several resistances including $20k, $30k, $50k and $60k to set an all-time high of $61,816 – Binance rate – on the 13th of this month.
Altcoin Market Cap Has Been Growing Alongside Bitcoin
Unbeknownst to many crypto traders, is that the altcoin market capitalization has also been rising from around $137 Billion in July of 2020 to a new all-time high of $684 billion on the 18th of this month.
Along the way, the altcoin market capitalization zoomed past the 2017 all-time high of $473 Billion in early February this year, only to soon retest it at support around the 27th of the same month.
It is with this event that Bitcoin and crypto analyst, Rekt Capital, believes that such a retest of an old-all time high, could cause the altcoin market cap to grow by thousands of percentage points. Rekt Capital shared his analysis through the following tweet.
The last time Altcoin Market Cap tested old All Time High as support…
It rallied +27,000% in just over a year
In recent weeks, Altcoin Market Cap has successfully retested its old 2017 highs
And broke to new All Time Highs today#cryptocurrency https://t.co/GeDRLFUUD2
— Rekt Capital (@rektcapital) March 18, 2021
Altcoin Market Cap Could Grow by 27,000% in a Year
To note is that his analysis is hinged on the altcoin market capitalization retesting an old all-time high in late 2016 as seen in the following chart shared via Substack.
If Rekt Capital’s scenario plays out, altcoins could be gearing up for a spectacular run that will catch many crypto traders by surprise. In his analysis shared through Substack, Rekt Capital went on to explain that such an upward movement of the altcoin market cap, would take approximately a year to peak.
The last time Altcoin Market Cap broke its old All Time Highs was back in late December 2016.
This was when Altcoin Market Cap broke its 2014 highs (red) and spent multiple weeks retesting those highs. And once the retest was successful…
Altcoin Market Cap grew by +27,000% in just over a year.
Today, Altcoin Market Cap has made new All Time Highs after having successfully retested its old 2017 highs (red) as support.
Altcoin Market Cap has fully confirmed a breakout from its multi-year U-Shaped formation.