Altcoin Market Cap Poised to Consolidate Before Rally: Crypto News Update

The cryptocurrency market has been experiencing a period of consolidation, with no clear winner between buyers and sellers. This lack of direction in Bitcoin’s price action has led to profit-taking in the altcoin industry.

However, on-chain data suggests that smart traders have been accumulating strategic crypto assets in anticipation of future rallies. The industry has also seen positive developments, such as the fourth Bitcoin halving and the approval of spot BTC and Ethereum ETFs in the US and Hong Kong.

As a result, institutional investors are expected to continue pouring cash into the crypto industry, improving liquidity. Recent data from Nansen shows that DBS, Singapore’s largest bank, holds nearly $650 million worth of Ether.

While most altcoins are currently consolidating after the crypto bear breakout earlier this year, some meme coins have seen significant profits. Crypto analyst Michaël van de Poppe predicts that the total altcoin market cap will soon consolidate around $667 billion, signaling an end to the downward pressure in the altcoin industry and a potential bullish breakout.

Another analyst, MikyBull Crypto, believes that the altcoin industry is mirroring the 2016/2017 rally in the current bull market. They suggest that the ongoing altcoin correction is the final shake-up before an anticipated parabolic rally.

Tags:
– Altcoins
– Bitcoin
– Price Analysis