Popular cryptocurrency trader and analyst Crypto Michael made important statements about altcoins. Michael said he wouldn’t be surprised if the market value of altcoins reaches $ 250 billion next year.
The famous name’s predictions are based on the market value chart of altcoins on Tradingview. According to the chart, altcoins currently have a market value of about $ 145 billion and could go up to $ 251.9 billion.
The rise of bitcoin has been largely dominant over altcoins throughout the history of the crypto money market. At the time of writing, Bitcoin dominance is 60%, according to data from CoinMarketCap. This means altcoins need to grow another $ 100-150 billion to reach Crypto Michael’s goal.
DeFi Can Contribute to Growth
DeFi tokens have recently become the center of attention in the cryptocurrency space. Sunday had a big boom in August. DeFi tokens still dominate the price action, although it later experienced a setback. There are also contributions by blockchains to the enormous development of the market. Also, DeFi tokens such as Chainlink (LINK) and Polkadot (DOT) recently entered the top ten cryptocurrencies. These have managed to maintain their positions among the top cryptocurrencies due to the increased funds flowing into the market.
Ethereum Could Reach $ 700
On the other hand, Crypto Michael made a complete technical review of altcoins in the cryptocurrency markets in his video published the previous day. According to the analyst, it is necessary to wait for December to see an increase in altcoins. According to him, most investors expect the markets to continue to rise heavily as they were in late 2017. However, this momentum is difficult to achieve and can only happen again when the market is in a similar state of euphoria.