A popular crypto trader thinks the altcoin market cap could be primed to move higher.
The pseudonymous analyst known as Rekt Capital shares a chart with his 379,200 followers on the social media platform X that examines the market cap of all crypto projects excluding the top 10 assets.
The trader notes that altcoin market cap has historically “increased considerably” when it performed a retest of an area he circled around $182.86 billion. The altcoin market cap has just recently passed through that area.
In terms of specific crypto assets, Rekt Capital notes that Ethereum (ETH) challenger Cardano (ADA) is attempting to break out from its short-lived re-accumulation range at recent highs.
The analyst says a confirmed breakout means ADA is primed to surge to $0.72. The 8th-ranked crypto asset by market cap is trading at $0.61 at time of writing and is down more than 2% in the past 24 hours.
Rekt Capital also says gains could be on the horizon for fellow Ethereum competitor NEAR Protocol (NEAR).
“Almost +150% since breaking out from its main pattern. NEAR could rally to $6 if it’s able to reclaim this blue $4.36 level as support before the end of December.”
NEAR is trading at $4.31 at time of writing. The 24th-ranked crypto asset by market cap is up almost 5% in the past 24 hours.
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