Bitcoin Dominance Has Peaked, According to Crypto Trader – Here’s What That Means for Altcoins

As Bitcoin (BTC) cools down from its latest rally, one widely followed crypto analyst says the king crypto’s dominance has peaked… for now.

Crypto trader Michaël van de Poppe tells his 713,900 followers on the social media platform X that his BTC market dominance charts indicate that altcoins may soon be on the rise.

“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 (Ethereum exchange-traded fund) in May.”

Source: Michaël van de Poppe/X

Financial giants Blackrock and Grayscale are currently awaiting U.S. Securities and Exchange Commission (SEC) approval of a potential spot Ethereum ETF. Market analysts and experts alike are divided on whether or not the new ETH trading vehicle will be approved.

BTC is worth $64,282 at time of writing, down 2.7% on the day.

Concerning the altcoin markets, Van de Poppe says the sentiment right now is understandably negative.

“The state of the markets is super negative surrounding altcoins.

That’s entirely understandable.

Altcoins have been going through their longest bear market to date and, as a result, retail has vanished away. 

I think that this will change in the coming weeks/few months.”

The analyst also suggests that BTC’s consolidation will make altcoins “more eager to run.”

According to CoinGecko, the altcoin market cap currently rests at $1.23 trillion, down over 12% in the last month.

Comments

Post a Comment

Popular posts from this blog

Tron rising as Rebel Satoshi’s Early Bird presale phase sells out

Rebel Satoshi presale ongoing.  Supporters bullish on RBLZ  TRON could soar to $0.2 in 2024. Tron (TRX) is on a tear, but some analysts are still skeptical. Amid this, Rebel Satoshi (RBLZ), a new crypto project, has caught the attention of investors. Rebel Satoshi draws investors Rebel Satoshi has been attracting investors with its unique blend of a meme coin and a movement focused on reshaping the crypto landscape.  As investors seek alternatives to underperforming assets, they are drawn to Rebel Satoshi’s narrative and Features . At the heart of Rebel Satoshi lies RBLZ, a governance and membership token. You might also like: Analysts focus on Rebel Satoshi, Shiba Inu, and Zcash ahead of crypto bull run Holding RBLZ grants a stake in the movement and provides access to quests, rewards, and a community dedicated to shaping a fully decentralized crypto future. The early stages of Rebel Satoshi’s public presale have seen over 10 million tokens sold within just 48 ho
Read more

Rebase Tokens: What Are They & How Do They Work?

Image
If you're interested in cryptocurrency, you've probably noticed that the price of many digital assets can be highly volatile. This can make it challenging to use cryptocurrency as a means of exchange or as a store of value. Rebase tokens, also known as elastic tokens, seek to offer a solution to this problem.  In this article, we'll explore what rebase tokens are, how they work, and whether or not they might be a good investment for you.  What Are Rebase/Elastic Tokens? Rebase tokens are a type of cryptocurrency that adjusts their supply to maintain price stability. This is in contrast to traditional cryptocurrencies, which have a fixed supply determined at the time of their creation. Rebase tokens achieve price stability through a process known as a "rebase," which is triggered at regular intervals (e.g., every 24 hours). During a rebase, the supply of the token is adjusted based on a predetermined formula.  For example, if the demand for a re
Read more

Lloyds Bank issues urgent warning of crypto scams in the UK

Image
A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds shares that the money is ty
Read more