A prominent crypto trader has highlighted that the TOTAL3 market capitalization must increase by approximately 16% before entering a so-called “euphoria” phase. Until this growth is achieved, market conditions are expected to remain volatile. Currently valued at $962.78 billion, TOTAL3 represents the total market cap of all cryptocurrencies excluding Bitcoin and Ether. This cap must surpass its 2021 peak of $1.13 trillion for the euphoria phase to commence, marking entry into new price discovery territory.
As of now, the market has risen by 91.45% since the start of the year, but it remains within a choppy trading range of about $840 billion to $1.1 trillion. Analysts suggest that the market’s volatility is partly due to traders shifting to a short-term perspective, frequently monitoring hourly charts and leveraging their trades.
Recent data shows that Bitget Token, Virtuals Protocol, and Pudgy Penguins have been the top performers among the top 100 cryptocurrencies over the past week, with significant gains. Meanwhile, Bitcoin’s dominance has approached 60%, prompting some traders to consider reallocating toward altcoins for potentially better risk/reward profiles as the time for Bitcoin accumulation is expected to last another 1.5 years.
