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 social media followers on platform X indicated that altcoins could soon be rising.
“To me the Bitcoin dominance is over and we will likely return to alternative currencies in the near future.
“There’s a quiet void that we will need to overcome with a potential momentum around the ETH ETF in May.”
Blackrock and Grayscale have been waiting on the U.S. Securities and Exchange Commission to approve a spot Ethereum exchange-traded fund (ETF). Experts and market analysts are alike divided Is the New ETH The trading of vehicles will be accepted.
BTC’s value is $64,282 as of the time this article was written, down by 2.7% for the day.
Van de Poppe discusses the Altcoin Markets says It is easy to understand why the mood in this moment is negative.
Altcoins are in a bad state.
This is completely reasonable.
Altcoins are experiencing their most severe bear market ever. Retail has also disappeared.
This will probably change within the next couple of weeks/months.”
Analysts also suggests The consolidation of BTC will lead to altcoins “more eager to run.”
The following is a list of CoinGeckoThe altcoins market capitalization is currently $1.23 trillion. This represents a drop of over 12% from the previous month.
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