The market value has skyrocketed by US$25 billion in 30 days. How long will the bull market in the cryptocurrency market last?

Over the past month, the total market value of all cryptocurrencies has increased by 80%, with more than $20 billion in funds pouring into this emerging market.

According to data provided by CoinMarketCap, in about 30 days, the market value of blockchain-based crypto assets has swelled from $27.8 billion to $49.5 billion.

A closer look reveals that the surge in market capitalization is mainly due to the so-called “competitive coins”. At the beginning of March, the market capitalization of all competitive coins was just over $3 billion, but now their total market capitalization has soared to $23.5 billion, an increase of more than 600%.

In response, some market observers expressed concerns about the speculative bubble in the market.

Jacob Eliosoff, a cryptocurrency fund trader, pointed out that many cryptocurrencies have long made no progress in technology or business, but in this bull market, these coins have also seen a surge.

Eliosoff told reporters:

“This round of market has been going on for several weeks. Dogecoin, Dash, Litecoin, Stellar, Gnosis… almost every coin has seen a surge.”

He also warned that once the trend changes, investors will frantically sell off their altcoins.

Daniel Masters, director of Global Bitcoin Advisors (GABI), offered a similar view, highlighting that smaller cryptocurrencies such as Litecoin, Ethereum, Namecoin, and Ripple have all seen significant gains in market capitalization over the past few months.

More room to grow

Unlike the cautious views offered by these analysts, other market observers are more optimistic, arguing that despite the surge in the value of various cryptocurrencies, they still have significant room for appreciation.

Tim Enneking, chairman of the Cryptocurrency Fund, expressed his views on the potential of the cryptocurrency market. "I agree that the market value of cryptocurrencies has risen too fast, but I don't think it's a serious problem, it's more of a buying opportunity," he said.

He also said it was challenging to determine the "true value" of a cryptocurrency.

“I’m not sure I would label it a bubble, at least not yet. It’s hard to determine what the intrinsic value of a coin is, or if it should be categorized as an altcoin,” he said.

“People are willing to pay for wealth,” he added.

OTC trading is becoming more and more popular

A strong indicator of bullish sentiment is strong trading. Many cryptocurrencies listed on Coinmarketcap have seen significant increases in trading volume, while over-the-counter (OTC) trading firms have also seen increased activity.

Martin Garcia, vice president of Genesis Global Trading, said his company is experiencing such progress.

“We’ve had a significant increase in new customers, and old customers are starting to return,” Garcia said.

Ryan Rabaglia, head trader at Octagon Strategy, expressed similar sentiments.

“In the last few months, we’ve tripled the number of desks we have,” he said.

Finally, Rabaglia said that Bitcoin and Ethereum remain “hot” cryptocurrencies as customer demand continues to grow, and he also revealed that he has received many requests to trade other popular altcoins such as Dash, Ethereum Classic (ETC), Ripple (XRP) and Zcash (ZEC).

Ultimately, he portrayed the current market as one rich with business opportunities.

He concluded:

“At this point, we have covered every coin that has been requested and would consider dedicating additional resources if the demand persists.”