The altcoin market could register a 100% surge, reversing the downward trend

In the past seven days, the market value of cryptocurrencies, excluding Bitcoin, has declined by about 3%, and in the past month, it has collapsed by almost 10%.

This trend indicates that it is possible to see an outflow of altcoin investments and thus their value to drop sharply. However, some of them with strong underlying technology or scarce supply may become more expensive.

This could be the last correction before new capital flows into the altcoin market, as popular analyst Michael van de Pope suggests.

Capital shift to altcoins

Van de Pope argues that the negative sentiment surrounding altcoins is currently evident in the declining valuations of various cryptocurrencies against Bitcoin , reaching historic lows. His analysis demonstrates that the current altcoin environment may somewhat resemble previous trends, suggesting a potential bounce.

He quotes Left (LEFT) , Fetch.ai (FET) и Render Token (RNDR) , which show gains of over 300%, 650% and over 500% for each, respectively.

Van de Pope claims to see recurring growth in altcoin markets based on historical patterns. Despite the headwinds, his research suggests this market could soon turn around, as it has during previous rallies.

Altcoins are positioned for a rally

The expert remains optimistic about the future of altcoins. He pointed out that their market cap is still 50% below its 2021 high, with the latest correction adding another 30% drop.

As this correction nears its end, Pope predicts that altcoins could potentially witness a 100% rally, following a pattern similar to Bitcoin's trajectory.