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.
[adinserter block="1"]“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.”
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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Panassak Charnprasert
