#Altcoins A cryptocurrency analyst, with a track record of timely calls on Bitcoin ($BTC ) believes that alternative currencies are preparing for a sharp price increase.
In a new strategic session, Kevin Svensson tells his subscribers that he is closely monitoring the OTH,ERS chart, which tracks the total market value of cryptocurrencies, excluding the top 10 digital assets and stablecoins.
Traders are monitoring the OTH,ERS chart to assess the performance of the alternative currency market.
According to the cryptocurrency analyst, it seems that OTH,ERS is following its price movement in 2024, when it went through a correction period before launching a corresponding upward wave by the end of the year.
Svensson expects alternative currencies to witness another huge rise if Bitcoin and another asset class rise to new record levels.
I am just showing what appears on the chart. The situation is almost similar.
This monumental rise that the OTH,ERS chart witnessed of 140% last time... happened because Bitcoin and the S&P [500] index reached a new all-time high at the same time. We recently saw a new record high for the S&P index, but this did not happen.
So, if both the S&P index and Bitcoin reach a new all-time high soon, a rise like this [from November to December 2024] to $570 billion for OTH,ERS, which are the low-value alternative currencies, is very likely, in my opinion, to witness a significant increase.
At the time of writing this report, OTH,ERS stocks are trading at $233.72 billion.
