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Analyst predicts altcoin market capitalization will hit $800 billion

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Ethereum ETF approval by the Securities & Exchange Commission in the past week failed to catalyze gains in Ether.

Crypto analyst Michaël van de Poppe believes altcoin market capitalization could breakout above $800 billion soon. The analyst notes that the recent correction in cryptocurrencies resulted in a drawdown in prices of assets, erasing 4% market cap. Ethereum, Lido staked Ether and Binance Coin erased between 2% and 6% of their value in the past week. Ethereum ETF approval by the Securities & Exchange Commission in the past week failed to catalyze gains in Ether.

The entire correction is over and this is just a build-up before the next big upward breakout above $800 billion takes place. pic.twitter.com/1ihutYDNoI — Michaël van de Poppe July 27, 2024 Analyst behind the @DaanCrypto handle notes the performance of top altcoin sectors in the last seven days. The chart compares meme coin performance side by side with other sectors like Artificial Intelligence and Layer 1. AI tokens had a bad start, picked up later in the week and started recovery.

 

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