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The 2024 crypto market upswing has largely been dominated by bitcoin (BTC) along with the sectors of meme coins. Currently, the total market capitalization for all crypto assets stands at $2.28 trillion, with BTC holding a dominance of 55.36%.
Analyzing the current altcoin market renowned crypto analyst Captain Faibik has expressed an optimistic outlook for the altcoin market, predicting a significant surge in the upcoming Q3 and Q4.
Q3 & Q4 To Watch For Altcoin
According to Captain Faibik’s tweet, there’s a silver lining for altcoin holders despite recent market challenges. He notes the significant downturn altcoins have faced in the past three months, with many experiencing drops of 30-40%. However, Faibik sees this correction phase as a necessary part of the market cycle.
During the period from October 2023 to March 2024, altcoins performed remarkably well, offering substantial returns to investors. Despite the recent correction, Faibik remains optimistic, suggesting that altcoins have completed their necessary correction and are almost ready to bounce back.
Looking ahead, Faibik predicts that Q3 and Q4 of 2024 will be epic for altcoins. He advises investors to take advantage of the current market dip, suggesting that now is a great opportunity to buy and hold for the next 4-6 months. His forecast aligns with historical market patterns, where corrections are followed by substantial price surges.
Altcoin Season Is Coming
Despite recent market fluctuations, crypto investor Layah Heilpern highlighted several positive factors for crypto, such as the approval of Bitcoin and Ethereum ETFs and support from influential figures. She believes that the market has already cleared out weaker investors and is ready for significant growth.
Additionally, the altcoin dominance chart shows a 2% decrease, now standing at 9.79%, with the altcoin market cap at $217.175 billion. This decline in altcoin market dominance presents a buying opportunity for investors, as it suggests that the altcoin rally is on the horizon.
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