Crypto traders predict a euphoric altcoin phase once TOTAL3 surpasses $1.13 trillion, with volatility prevailing until then.
Altcoin Market Awaits Key Milestone
The altcoin total market capitalization (TOTAL3) must rise by 16% to surpass its 2021 all-time high of $1.13 trillion before entering the “euphoria” phase, according to crypto trader Daan Crypto Trades.
Current Market Conditions
At $962.78 billion, TOTAL3 has risen over 91% in 2024 but remains in a “choppy” trading range between $840 billion and $1.1 trillion. Daan advises caution if TOTAL3 drops below $800 billion.
Volatility and Short-Term Strategies
Analysts suggest increased volatility stems from traders adopting short-term strategies. Daniel Cheung, co-founder of Syncracy Capital, attributed slower breakouts to leveraged trading and hourly chart monitoring.
Altcoins Gain Momentum
Traders are increasingly rotating toward altcoins as Bitcoin dominance approaches 60%. Bitget Token (BGB), Virtuals Protocol (VIRTUAL), and Pudgy Penguins (PENGU) led recent gains, rising 80.65%, 42.30%, and 31.63%, respectively.
Optimized Risk-Reward Profiles
Pseudonymous trader Dyme noted that altcoins currently offer better risk-reward opportunities than Bitcoin, stating that the time to accumulate Bitcoin has passed until 2026.
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