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 faioloa Michaël van de Poppe taʻu mai 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.”
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 e tau $64,282 i le taimi o le tusitusi, i lalo 2.7% i le aso.
Concerning the altcoin markets, Van de Poppe Fai mai the sentiment right now is understandably negative.
“The state of the markets is super negative surrounding altcoins.
E matua malamalama lelei lava.
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.”
O le tagata suʻesuʻe foi fautua mai 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.
Aua le Misia se Pa'u – Fa'asoa e maua ai fa'ailoga imeli e lafo sa'o i lau pusameli
Siaki Gaioiga Tau
Mulimuli i tatou i Twitter, Facebook ma Telegram
Faʻaseʻe i le Daily Hodl Mix
Fa'asalaga: O manatu fa'aalia i The Daily Hodl e le o ni fautuaga fa'afaigaluega. E tatau i tagata teufaafaigaluega ona faia a latou filiga tatau aʻo leʻi faia soʻo se tulaga lamatia maualuga i Bitcoin, cryptocurrency poʻo aseta numera. Fa'amolemole ia fa'ailoa mai o au fesiitaiga ma fefa'ataua'iga e i lou lava tulaga lamatia, ma so'o se gau e te ono maua o lau matafaioi. E le fautuaina e le Daily Hodl le faʻatau pe faʻatau atu o soʻo se cryptocurrencies poʻo aseta numera, e le o le Daily Hodl o se faufautua faʻafaigaluega. Faamolemole ia matau o le Daily Hodl e auai i le maketiina soofaatasi.
Featured Image: Shutterstock/Panassak Charnprasert
Source: https://dailyhodl.com/2024/04/25/bitcoin-dominance-has-peaked-according-to-crypto-trader-heres-what-that-means-for-altcoins/