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Home»Altcoins»Analyst Predicts 23% Upside Potential
Altcoins

Analyst Predicts 23% Upside Potential

2023-07-03No Comments4 Mins Read
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The crypto market has been on a roller coaster ride this year, with prices fluctuating wildly and regulatory pressure causing significant declines. However, recent developments have given investors renewed confidence in the market, leading to a total recovery in the cryptocurrency market capitalization.

On June 15, the total crypto market cap hit a low of $972 billion, due to regulatory pressure from the Securities and Exchange Commission (SEC) on the industry. But since then the market has recovered.

This recovery is partly due to the arrival of major financial players in the crypto space. Several applications have been made for a Bitcoin Spot Exchange-Traded Fund (ETF) by major financial players such as Blackrock and Fidelity, indicating their interest in betting on cryptocurrencies.

This has helped restore investor confidence in the market, leading to increased investment and an increase in the overall crypto market cap.

The moment of truth of Crypto Market Cap

Cryptocurrency investors are closely monitoring the overall cryptocurrency market cap as it attempts to break through a significant level of resistance. According to according to crypto analyst Rekt Capital, if the market can successfully break through this level, it could pave the way for continued upward momentum and potentially significant gains for the overall market.

At the time of writing, the total crypto market cap is around $1.17 trillion with Bitcoin making up the lion’s share of this value. However, the market has been trading in a relatively tight range in recent weeks, with many investors looking for a catalyst to drive prices higher.

Rekt Capital believes that a breakout above the current resistance level could be just the catalyst the market needs to see a sustained uptrend. Rekt Capital suggests the market could see gains of between 10% and 23% over time if this breakout occurs.

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cryptocurrency
Total Market Cap Faces Heavy Resistance Ahead. Source: TOTAL on TradingView.com

As shown in the chart, the immediate resistance levels for the global market cap of the cryptocurrency industry are currently $1.18 and $1.25. The latter represents the highest level achieved in 2023.

However, certain conditions must be met before the market can break through these levels. First, there should be an improvement in current market conditions, including an easing of crypto regulations by regulators worldwide, particularly in the US. In addition, there must be a resolution to the ongoing Bitcoin Spot ETF filings by major financial players with the SEC.

If these conditions are met, it could lead to an influx of cryptocurrency financial players and investors. Many investors look to cryptocurrencies as a hedge against inflation, and more regulatory clarity and approval of a Bitcoin ETF could make the industry more attractive to traditional investors.

Cryptocurrency trading volume falls to 2020 level

Cryptocurrency trading volumes have reached their lowest level since 2020, despite the continued rally in June. According to according to a report from crypto market data provider Kaiko, spot trading volumes fell significantly in the second quarter, with Binance recording the sharpest drop in trading activity.

cryptocurrency
Trading volume in the cryptocurrency market declined in the second quarter. Source: Kaiko

Binance, one of the world’s largest crypto exchanges, saw volumes fall by nearly 70% after the exchange reintroduced fees for its most liquid Bitcoin pairs. This move, aimed at reducing market manipulation, appears to have significantly impacted trading activity on the platform.

However, Binance was not the only exchange to see a significant drop in trading volumes. Other popular exchanges including Coinbase, Kraken, OKX, and Huobi also saw volumes drop more than 50% in the second quarter.

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The drop in trading volumes is surprising given the recent rally in the crypto market. Bitcoin, the largest cryptocurrency by market capitalization, was bullish in June, reaching a high of over $31,000. Despite this, trading volumes have remained subdued, suggesting that investors are not as active in the market as they used to be.

Featured image of Unsplash, chart from TradingView.com



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