Popular crypto analyst Jason Pizzino predicts that more losses are on the way for the altcoin market despite the massive drop.
The total market cap of altcoins (excluding BTC, ETH, stablecoins) peaked at over $900 billion in late 2021. It’s now down to about $200 billion. In contrast, popular analyst Pizzino told 276,000 YouTube subscribers that the current $221 billion market cap decline of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins could continue into next year.
“This is something I’ve been talking about a lot, looking at the downside of cryptos basically bottoming out on the last dip, which I’ve been waiting for since we started to break out of major swing levels. More importantly, stablecoins included in the altcoin market cap account for 50% of the $550 billion.
That’s what we’re talking about, somewhere between about $80 to $100 billion and about $180 billion to $200 billion, so we’re almost at this point. Not so far. And if we make a measured move from about $220 billion to the top of this region, that equates to 170 billion, down about 23%. This is in line with previous highs of 2018.”
The analyst states that the altcoin market could soon drop between 20% and 60% and the collapse could happen anytime in the next 12 months.
“If we see some kind of decline, the value I would expect cryptocurrencies to lose as they enter this final area is somewhere between 20% and 60%. And then, as Bitcoin potentially regains its strength and re-establishes its position as king and begins to rise, altcoins continue to be crushed at such a low level. This is what I expect in the short term for cryptos, altcoins, in one to 12 months.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.