Crypto Analyst Predicts Altcoin Rally as Bitcoin Dominance Peaks
Title: Crypto Analyst Predicts Altcoin Surge as Bitcoin Dominance Peaks
As Bitcoin (BTC) takes a breather from its recent rally, renowned crypto analyst Michaël van de Poppe suggests that the dominance of the king crypto has reached its peak, opening the door for altcoins to potentially shine.
Van de Poppe, with a large following on social media, points to his BTC market dominance charts indicating a shift towards altcoins in the near future. He believes that the quiet period in the market may soon be disrupted by potential momentum surrounding the approval of an Ethereum exchange-traded fund (ETF) in May.
The anticipation of a spot Ethereum ETF by financial giants Blackrock and Grayscale, pending SEC approval, has divided market experts on its potential impact. Meanwhile, BTC is currently valued at $64,282, experiencing a 2.7% decline for the day.
Regarding the sentiment surrounding altcoins, Van de Poppe acknowledges the negativity in the market due to the prolonged bear market they have endured. However, he remains optimistic about a possible turnaround in the coming weeks or months, suggesting that BTC’s consolidation could fuel a surge in altcoins.
CoinGecko data shows that the altcoin market cap stands at $1.23 trillion, reflecting a 12% decrease over the last month.
As the crypto market continues to evolve, investors are advised to conduct thorough research before engaging in high-risk investments. The Daily Hodl does not provide investment advice and encourages individuals to exercise caution when trading digital assets.
With the potential for altcoins to gain momentum and Bitcoin dominance waning, the crypto market remains an exciting space to watch for both seasoned and new investors.
(Source: Michaël van de Poppe/X)
