Total crypto market cap is expected to touch eleven trillion dollars ($11T) mark by 2023. The Bitcoin logarithmic analysis predicts an upcoming altcoin bull market that will lift prices stratospherically. However, Bitcoin will not be a dominant contributor to this bull run as other altcoins will rise.
Cryptocurrency expert Benjamin Cowen states that as per the total crypto market cap, an altcoin bubble is in the making. The potential future price of Bitcoin is still in stagnant mode, and its rise will not match that of the altcoins. He has built a price trend chart that takes into account various technical factors and correlations with the Bitcoin price history. Consequently, it has become difficult to predict the next peak in altcoin prices accurately.
Cowen says that based on technical signals and past performance, altcoin prices can rise more than thirty-nine times compared to current prices. If this happens, expect the total market cap of cryptocurrencies to touch thirty-two trillion dollars ($32T) mark. Now that is a lofty estimate by any standards!
Total crypto market cap will push Bitcoin dominance lower
As per ratios, the upcoming crypto peak can touch approximately three hundred times (313X) earnings. However, that doesn’t translate to an actual all-asset rise since different markets perform in different ways. This fact is proven historically when many tokens appreciated a few hundred times, while others appreciated a thousand times.
The digital market is maturing. Peak-to-peak periods are far and few. The top-to-bottom ROI is touching new lows as well. Conservative estimates state that the next peak will touch the eleven trillion dollars ($11T) mark by 2023. Expect the next rally to happen relatively slow considering the current downtrend in the crypto market.
Interestingly, Bitcoin dominance is a mere twenty-three per cent (23%) with a market cap close to three trillion dollars ($3T). As Bitcoin dominance fades, altcoin dominance will rise further and may even lead to an altcoin bubble. The reverse can also be true in the volatile crypto market. It will be interesting to see where the total crypto market cap goes from here.
Image Source: Pixabay
