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In the cryptocurrency market, investors are seen consolidating prices to protect their gains. During this period, the total crypto market value experienced a noticeable correction, but an analyst optimistically predicted a market value of $15 trillion in the future.
Analyst’s Cryptocurrency View
Notably, Michaël van de Poppe, a closely followed figure in the cryptocurrency world, highlighted important points in a post on May 25. He mentioned that after a recent 25% correction in the total crypto market value, consolidation began, triggering a 50% to 70% drop in the altcoin market.
Acknowledging this, van de Poppe indicated that the market might undergo further consolidation before reaching an all-time high. He expressed the view that the total market value could reach $15 trillion, representing a 484% rally considering the current market value of the crypto sector.
Another point highlighted by the analyst was the Ethereum ETF. He noted that after the completion of the approved spot Ethereum (ETH) exchange-traded funds (ETFs) process, a strong phase is likely in the markets, with S-1 documents being awaited for this.
Current State of the Crypto Market
Meanwhile, as of the time of writing, the total market value of cryptocurrencies was seen at $2.57 trillion, indicating a 0.07% increase in the last 24 hours. This situation, representing a 5.76% rise in the last 7 days, translates to an 11.26% gain on a monthly outlook. Data from May 27 showed a 54.82% growth since the beginning of the year.
Meanwhile, attention was on Bitcoin and Ethereum prices. Bitcoin was trading at $69,573 with a 1% increase at the time of writing, with a market volume of $1.73 trillion. During this period, the 24-hour trading volume exceeded $25 billion after a 65% increase.
Following the ETF process, Ethereum’s price rose by 1% to $3,884, resulting in a market volume of $466 billion. Ethereum’s 24-hour trading volume increased by 32%, reaching $19 billion.
