With Bitcoin being the ‘Big Daddy’ of cryptocurrencies and accounting for around 70% of total capitalization of the entire crypto market, a predicted boom in the wider altcoin market landscape has come to pass driven by smart contracts and Ethereum, dubbed ‘Bitcoin 2’, and some say set to continue.
Where’s the cryptocurrency market heading? Well, a prediction made in January over a boom in market capitalization of cryptocurrencies – and particularly in the altcoin market – by the founder of a crypto-market intelligence start-up that raised over 10,000 Ethereum (ETH) in a pre-sale financing round, has fully come to pass.
Maksim Balashevich, the Belarusian CEO and founder of Santiment based in Germany, which collects and sells live markets data feeds to crypto traders, predicted such a boom in altcoin cryptocurrency capitalization last quarter on January 5, 2017.
And, even though bitcoin is the ‘Big Daddy’ of cryptocurrency and accounts for just under 70% of overall market capitalization today, the boom predicted would “outpace bitcoin by a wide margin” according the crypto-market platform’s CEO in Frankfurt Am Main.
Based on the Elliott Wave theory, his prediction posited that the cryptocurrency altcoin markets would increase to over $6 billion (bn) in market capitalization. This has already come true and gone a fair way beyond. Fast forward and the combined altcoin market cap today stands in excess of $8.4bn. Some going and much aided by the recent strong performance of Ethereum (ETH), ranked the number two crypto currency behind bitcoin.