Along with Bitcoin, altcoins too have been the prey of extreme volatility since a while now. Just a couple of days before the market appeared to be recovering but that couldn’t hold on for long as the currencies dropped.
While the currencies struggle for a bull run, one of the known analysts is predicting more losses for altcoins in the days to come. On the other hand, even altcoins market valuation has dropped from 2021’s $900 billion to $200 billion at present.
In a new strategy video, the analyst who is known as Pizzino informs his 276,000 subscribers over his Youtube channel that the present market cap of $221 billion is about to see its further pull down until next year. This $221 billion market cap doesn’t include Bitcoin (BTC), Ethereum (ETH) and stablecoins.
Crypto Market To Face More Volatility
The analyst claims that he has talked about this quite a few times where he has claimed that the crypto market is entering into the final capitulation period, especially when the crypto market cap dropped towards $550 billion. As the market cap has dropped towards $200 billion, he believes that we are almost near the capitulation period. Furthermore the analyst asserts that there will be a further drop of 23% declining towards $170 billion which was the reading during 2018.
As the crypto market’s volatility continues, the analyst suggests that the altcoin market will soon plunge nearly 20% to 60% as there is an anticipation for another crash in the next one year.
He is of the opinion that once the altcoin market drops 20% to 60% we will see a final capitulation period and the market will continue downward. He says that while this happens Bitcoin will rise up again and reclaim its King position and this he expects to happen in the course of another one year.
Was this writing helpful?
The post appeared first on Coinpedia
