The ‘king’ of cryptocurrencies, Bitcoin, has had broken through the critical $10,000 resistance in July of last year, earning it the spotlight that it is still enjoying to a large extent today. Moreover, Bitcoin has also managed to overcome several key resistance levels, including the $20,000, $30,000, $50,000, and even the $60,000 mark, as it was able to set an all-time high record of nearly $62,000. This breakthrough happened less than a week ago, on the 13th of March 2021.
Altcoin market cap and Bitcoin growing side by side
Thanks to the aforementioned ability to overcome the odds, Bitcoin now seems to be doing well, despite facing some obstacles here and there. Interestingly enough, though, it is not just BTC that has been enjoying success, as the altcoin market capitalization has also experienced key gains as of late. In fact, it has managed to quietly raise its value from $137 billion last year in July to $684 billion just yesterday.
This record amount of $684 billion is also the new record all-time high, surpassing the previous all-time high amount of $473 billion by a wide margin. However, it should be mentioned that there was a test at the support level around the end of last month.
An increase of 27,000% imminent
Nevertheless, it is due to the aforementioned remarkable success that has led Rekt Capital, a crypto and Bitcoin analyst, to assume to conclude that a retest of this magnitude will inherently result in the growth of the altcoin market capitalization by nearly 27,000%.
Rekt Capital had based this analysis on the information shared by Substack, and if what they assume to happen does take place, then a large number of crypto investors, exchanges, firms, and consumers will most likely be caught off guard. It was mentioned that such an outrageous upward movement of the alt market capitalization would, however, most likely require a whole year before it can reach its peak. Ultimately, time will only tell whether this massive spike will take place, as all the factors needed for it to happen have already happened or are taking place as we speak. Still, one can never know what the future truly holds for sure in such a volatile industry.