Bitcoin (BTC)-focused Exchange Traded Fund (ETF) expectations had been keeping the industry alive for days, but an announcement by the US Securities and Exchange Commission (SEC) has momentarily halted this. Nevertheless, there was no significant drop in the total market value of the cryptocurrency industry, which is still maintaining a level of 1.24 trillion dollars. The main reason for this is the continued resilience of BTC above $30,000. With this strong stance, BTC could potentially be signaling the arrival of a new bull, and a figure known as the Altcoin Guru also agrees with this view.
Altcoins to Experience a Boom
Raoul Pal, a former executive of Goldman Sachs who transitioned full-time into the crypto industry, believes that capital inflow will accelerate. After stating that the market will soon experience a breakout, he detailed his expectations of trillions of dollars. In his statement to approximately 1 million Twitter followers, Pal emphasized the need to look at the TOTAL3 graph. This graph tracks the total market value of cryptocurrencies excluding BTC and ETH.
According to Pal, TOTAL3 paints a very optimistic picture and could experience a massive explosion with the falling wedge formation soon. With this breakout and turnaround, the total market value of altcoins that the famous name expects is 4 trillion dollars. This is a market value calculated without including BTC and ETH, and the amount could be much, much higher when BTC and ETH are included.
Altcoins Primed for 1100% Surge
Currently, TOTAL3 has a market value of approximately $332 billion, and a rise to 4 trillion dollars signifies a hard-to-believe surge of 1100%. Similar increase rates were seen in previous bull seasons, and this statement made by Pal also carries a great probability of realization. Pal generally expects the sector to reach a total market value of $10 trillion.
Last month, Pal stated that cryptocurrencies would be the fastest-growing asset class globally and that as the liquidity problem increased, cryptocurrencies would perform. According to the famous name, BlackRock’s BTC ETF application will also influence the new capital inflow.
