Bitcoin (BTC) is currently experiencing a cooldown period after its recent rally, and according to crypto analyst Michaël van de Poppe, the dominance of the king crypto has reached its peak, at least for now. Van de Poppe, who has a large following on social media, suggests that altcoins may soon see a rise in market dominance based on his BTC market charts.
Van de Poppe explains, “To me, the Bitcoin dominance has peaked and there’s a significant chance that we’ll see a rotation back to altcoins in the near future. Currently, there is a quiet vacuum that we need to break through, and the potential approval of the ETH ETF in May could provide the necessary momentum.”
Financial giants Blackrock and Grayscale are currently awaiting approval from the U.S. Securities and Exchange Commission (SEC) for a potential spot Ethereum ETF. However, market analysts and experts have differing opinions on whether this new trading vehicle will be approved.
At the time of writing, BTC is valued at $64,282, experiencing a 2.7% decrease for the day. As for the altcoin markets, Van de Poppe acknowledges that the sentiment is currently negative, stating, “The state of the markets is super negative surrounding altcoins, which is completely understandable. Altcoins have been enduring their longest bear market to date, resulting in a disappearance of retail interest. However, I believe this will change in the coming weeks or months.”
Van de Poppe also suggests that BTC’s consolidation period will make altcoins more eager to rally. According to CoinGecko, the altcoin market cap currently stands at $1.23 trillion, experiencing a decrease of over 12% in the last month.
In conclusion, while BTC’s dominance may have peaked for now, Van de Poppe anticipates a potential shift towards altcoins in the near future. However, the sentiment surrounding altcoins remains negative due to their prolonged bear market. Nevertheless, Van de Poppe believes that this sentiment will change and that altcoins will see a resurgence in the coming weeks or months.
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