Analyst Suggests Bitcoin Dominance May Have Peaked, Altcoins Poised for Rise
Amid Bitcoin's cooldown after its recent rally, prominent crypto analyst Michaël van de Poppe suggests that Bitcoin's dominance in the market has reached a peak, signaling a potential shift towards altcoins.
Van de Poppe points to his BTC dominance charts indicating a possible uptrend for altcoins in the near future.
He remarks that the Bitcoin dominance has likely peaked, with a significant chance of a rotation back to altcoins.
To me, the #Bitcoin dominance has peaked and there's a significant chance that we'll rotate back to #Altcoins in the coming period.
It's a quiet vacuum currently, which we'll need to break through with a potential momentum surrounding the $ETH ETF in May. pic.twitter.com/gtFAHHzsUM
— Michaël van de Poppe (@CryptoMichNL) April 25, 2024
He also highlights the current quiet market environment, which may see a shift with potential momentum surrounding the ETH ETF (Ethereum exchange-traded fund) in May.
Blackrock and Grayscale are awaiting SEC approval for a spot Ethereum ETF, stirring speculation among market analysts about its potential impact.
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Regarding altcoin sentiment, Van de Poppe acknowledges prevailing negativity, noting that the markets surrounding altcoins are notably pessimistic.
He attributes this sentiment to the prolonged bear market for altcoins, resulting in a decrease in retail interest. Van de Poppe anticipates a shift in sentiment in the coming weeks or months.
He predicts that BTC’s consolidation phase will fuel increased momentum for altcoins.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
