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The closely followed crypto analyst and trader Rekt Capital has delved into the depths of the altcoin market, forecasting what may happen next. The analyst evaluated Polkadot (DOT), a recently rising altcoin, and the largest cryptocurrency, Bitcoin (BTC).
Altcoin Market and Polkadot (DOT)
The anonymous crypto analyst and trader Rekt Capital told his followers on social media platform X that the crypto market, excluding the top 10 cryptocurrencies by market value, faced serious challenges last month but has now overcome all those barriers. The analyst mentioned, “The value of the altcoin market retested two historical levels last month.”
Rekt Capital stated that the market value of the remaining crypto market, excluding the top 10 cryptocurrencies, could soon reach new peaks, saying, “The market value of the altcoin market will probably see all-time highs in this cycle.” According to the data from the crypto data and price platform CoinMarketCap, the top 10 cryptocurrencies list includes Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), BNB, XRP, USDC, Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE). The analyst expects a rise in cryptocurrencies outside of these top coins.
Focusing on the interoperable blockchain Polkadot (DOT), the analyst noted that DOT has rallied over 60% recently and said, “Polkadot’s retest seems to have been successful; it has risen 66% since it broke away from the macro market structure.”
According to the Analyst, Bitcoin is On Track
Finally, evaluating the largest cryptocurrency Bitcoin (BTC), the analyst highlighted that the crypto king made a nice recovery from the $41,200 level, stating, “Bitcoin dropped to about $41,200 and rebounded strongly, creating a new rising support level in the process. Moreover, Bitcoin successfully regained the lost range (green). The retest of the low range is technically ongoing and so far, very good.”
With the latest data, BTC is trading at $43,616, down 1.19% in the last 24 hours. The data shows that the crypto king has risen by 3.38% in the last 7 days and by 16.87% in the last 30 days.
