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The altcoin market cap reached a significant milestone last week.
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The crypto-metric closed above $425 million for the first time in November 2021.
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Analysts think it’s a pivotal time for the altcoins markets.
Altcoin market cap, which includes cryptocurrencies that are not in the top 10, has reached a significant milestone, closing last week above $425 billion, for the first since November 2021. At its peak, market cap reached $451.28 Billion, one of the best performances in recent months.
TradingView data shows that the market cap dropped to $413.53 Billion at the start of the new week. Analysts see the $425 billion level as a crucial support level, which could signal the next phase in the altcoin rally led by coins such as XRP and ADA.
Pullback Signals Consolidation, Not Alarm
Analysts see the market’s decline to start the week as a normal market behavior. This region is a key area for traders to monitor, according to historical data. Crypto analyst who responded to the original post said that this area could be a turning point in the altcoin markets.
According to the analyst’s analysis, closing above $425billion for the first time in November 2021 could indicate a shift in momentum. A triangle pattern is emerging and its breakout or breakup will likely determine the next phase of altcoin rally.
Altcoin Rally Powered by Utility Coins and Memecoins
Over the past five week, capital inflows to the altcoin market have increased by 138%. Utility coins such as XRP, XLM ADA and VET, along with newer cryptocurrencies, led the surge. Analysts expect the altcoins market to continue growing in the weeks and months ahead.
Many crypto enthusiasts think that a possible Trump administration could create an environment more favorable for cryptocurrencies. This optimism will likely drive further adoption, and increase capital inflows to the altcoin markets.
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