Cryptocurrency analyst and trader Michaël van de Poppe believes the altcoin market correction may come to an end just weeks into 2025.
In a new video update, Van de Poppe tells his 169,000 YouTube subscribers that he expects the TOTAL3 chart to soon witness a bullish reversal on the weekly chart.
[adinserter block="1"]The TOTAL3 chart tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins.
“When you look at the altcoin markets in the sense that you’re looking at the TOTAL3, for instance, which is the altcoin market cap in USDT valuation, then at this point we’ve seen a substantial big run crossing the all-time high. And now we’re just having a very general correction taking place on the markets, with a very likelihood of being close toward the end of this correction. Maybe beginning January we continue to have one or two weeks of this correction, then we rotate back up.”
Next up, he says that Ethereum against Bitcoin (ETH/BTC) is starting to show signs of entering an uptrend while other alts like scaling solution Optimism (OP) are experiencing accumulation by investors based on increasing trading volume.
“If we look at the altcoins’ valuations, and if we start to look at most of them, for instance, Optimism against Bitcoin, it is currently seeing a lot of volume coming in into the actual pairs showing that there is interest at this point, showing that there is the accumulation taking place. And as Ethereum against Bitcoin is already crawling up, and the rest of the Ethereum ecosystem is currently consolidating or correcting by a little bit, there’s a gap between the two, and that says that the entire ETH ecosystem is still substantially undervalued.”
OP/BTC is trading for 0.00002051 BTC ($2.01) at time of writing, up 5.83% in the last 24 hours. Meanwhile, ETH/BTC is trading for 0.03675 BTC ($3,606) at time of writing, up 3.23% in the last 24 hours.
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