A well-known crypto analyst is forecasting massive altcoin rallies as the wider crypto markets demonstrate strength.
Justin Bennett informs his 98,600 Twitter followers that he is examining the entire value of all cryptocurrency holdings (TOTAL).
According to Bennett, the TOTAL chart has broken through the diagonal barrier that has held the market negative for about four months.
According to the analyst’s graphic, the breakthrough may push the total market capitalization of all crypto assets past the $2 trillion mark.
Bennett notes that when the TOTAL chart breaks out, the market capitalization of all cryptocurrencies looks to be rebounding off its diagonal support. “It’s probably not the ideal time to be bearish at the moment.
Market capitalization of altcoins in a linear format… The basic conclusion is that being negative when prices are above macro support makes little sense.”
Bennett also notes that the Bitcoin Dominance index (BTC.D), which measures Bitcoin’s market capitalization as a proportion of all other crypto assets, has fallen below its diagonal support.
Bennett believes the shift heralds the start of a new altcoin season, or a time during which altcoins considerably outperform Bitcoin.