Altcoins just repeated a move that could start them 27,000% higher in 2021
Altcoins have made huge gains this year, but if they repeat their moves from 2017, the Hodlers may see an insane 27,000% moon shot.
According to well-known trader Rekt Capital, these are the potential combined returns for altcoin investors if history repeats itself this year.
One trader sees “only the beginning” for Altcoins’ 2021
In a tweet on May 3, Rekt Capital noted that altcoins’ market cap sped up their previous cycle early in 2017 to support them. That high had been reached in late 2013, and as a new floor, it hit a market cap no less than 27,623% above.
It only lasted a single year, and Rekt Capital suggested that, while almost inconceivable, the same thing could happen by the end of 2021. In the past two months alone, altcoin market capitalization has risen 119% after hitting the same high from 2017’s support.
How much would an altcoin market be worth if it hit 27,623% of its 2017 height? Princely $ 152.6 trillion.
“This is just the beginning,” he commented.
Annotated chart of Altcoin market capitalization. Source: Rekt Capital / Twitter
Bitcoin is displayed despite its own rally
The numbers come as the largest altcoin, ether (ETH), became a separate topic of conversation on May 3 after surpassing $ 3,000 to hit staggering new all-time highs.
As Cointelegraph reported, Bitcoin (BTC) is comparatively lackluster and achieved an increase of around 11% in the past week compared to 28% for ether.
BTC / USD vs. ETH / USD line chart. Source: trade view
Many of the other big cap altcoins have also outperformed Bitcoin in terms of weekly earnings, with analysts forecasting new all-time highs that will occur elsewhere.
Scott Melker, an analyst advocating the defense of BTC, looked for signs of a predictable spike in higher time periods.
“There have been some ‘bad’ weekly candles on the Bitcoin chart over the past year,” he noted.
“Each was followed by a bullish move to new highs.”