Key points:
- Bitcoin moved to regain new yearly highs at $56,775 in the last 24 hours.
- An analyst argued the market is set for the biggest altcoin season in history.
- The analyst foresees an altcoin valuation likely hitting $3.2 trillion this season.
While the overall crypto market recently reclaimed a valuation exceeding $2.14 trillion, Mags, a technical analyst in the crypto community, believes the altcoin market alone could be worth $3.2 trillion. This view emerged as Bitcoin moved significantly to regain a new yearly high in the last 24 hours.
In particular, CoinMarketCap data shows Bitcoin has grown by over 10.4% from a low of $50,960 to as high as $56,775 within the past day.
Among the top ten most prominent cryptos, the prime beneficiaries of the Bitcoin-led rally include Solana (SOL), which has reached $112 from $100. Also, Cardano (ADA) has reclaimed the $0.6 territory with an 8% gain, while Dogecoin (DOGE) has recorded double-digit percentage gains.
Amid this praiseworthy trajectory, the analyst has argued the altcoin market could be gearing up for what he described as the biggest altcoin season in history.
Mags expressed this opinion in a recent post on X. Accompanying the tweet was a graph that suggested the altcoin market is in a position that currently mirrors the pre-2021 bull market. Drawing inspiration from the trajectory that altcoin established throughout the 2021 bull season, he anticipates a repeat of the rallies. The analyst foresees an altcoin valuation likely hitting $3.2 trillion around 2025.
Notably, CoinMarketCap statistics suggest that the alternative crypto market is about $1.01 trillion. Should the market head toward $3.2 trillion, as the technical analyst suggests, it means non-Bitcoin investors are in for a 216% gain. However, the analyst mentioned no specific altcoin that could lead the charge.
Reacting to the analyst’s view, some market participants even pondered the likelihood of altcoin attaining a $4 trillion valuation.
