An analyst who accurately called Bitcoin’s (BTC) parabolic rally this cycle believes that it’s time for altcoins to take center stage.
In a new video update, trader Kevin Svenson tells his 83,800 followers on the social media platform X that he’s keeping an eye on the altcoin index, the OTHERS chart, which tracks the total market cap of crypto excluding the top 10 digital assets and stablecoins.
Svenson says that OTHERS looks primed for a major upside burst now that Ethereum (ETH) has broken out and is trading above the key psychological level of $4,000.
“I think altcoins are going to see some major, major moves. I think money is going to flow into the altcoins rapidly once Ethereum breaks out and people realize Ethereum’s not dead – in fact, it’s a sleeping giant.
Ethereum still has more than half of the total value locked in DeFi (decentralized finance) and is going to be the main infrastructure for stablecoins. In theory, stablecoins are the biggest crypto narrative ever, besides Bitcoin, and Ethereum is right at the center of that narrative.
In my opinion, Ethereum is tremendously undervalued. The low-cap coins, I think, are going to follow suit once Ethereum breaks out. I’m looking for a run for OTHERS low-cap altcoin index, a run towards $550 billion, and if things go really well, we might be looking at something like $1 trillion by the end of the cycle.”
At time of writing, OTHERS is trading at $304.9 billion.
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