Cryptocurrency analyst and trader Michaël van de Poppe predicts that the altcoin market correction may conclude in the early weeks of 2025. In a recent video update to his 169,000 YouTube subscribers, Van de Poppetells explains that he anticipates a bullish reversal on the weekly chart of the TOTAL3 index.
The TOTAL3 index tracks the market capitalization of all cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins.
Van de Poppetells states, “When you look at the altcoin markets in terms of the TOTAL3 index, for example, which represents the altcoin market cap in USDT valuation, we have witnessed a significant surge surpassing the all-time high. Currently, we are experiencing a general correction in the market, which is likely to conclude soon. There is a possibility that this correction will continue for one or two weeks into January, after which we can expect a reversal.”
Moreover, he highlights that Ethereum against Bitcoin (ETH/BTC) is displaying indications of entering an uptrend. He also mentions that other altcoins, such as Optimism (OP), are witnessing an accumulation of interest from investors, as evidenced by the increasing trading volume.
“If we examine the valuations of altcoins and focus on Optimism against Bitcoin, we observe a significant influx of volume in these pairs, indicating a growing interest and accumulation. As Ethereum against Bitcoin is already on the rise, while the rest of the Ethereum ecosystem is consolidating or undergoing minor corrections, there is a discrepancy between the two. This suggests that the entire ETH ecosystem is still undervalued.”
At the time of writing, OP/BTC is trading at 0.00002051 BTC ($2.01), representing a 5.83% increase in the last 24 hours. Meanwhile, ETH/BTC is trading at 0.03675 BTC ($3,606), experiencing a 3.23% increase in the last 24 hours.
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