Crypto Trader Proclaims Peak in Bitcoin’s Market Dominance – Implications for the Altcoin Sector
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With Bitcoin (BTC) experiencing a slowdown after its recent surge, a noted cryptocurrency analyst has indicated that Bitcoin’s dominance may have hit a temporary ceiling.
Prominent crypto trader Michaël van de Poppe has informed his vast audience of 713,900 on social platform X that his analysis of Bitcoin dominance suggests an impending uptick for altcoins.
“The dominance of Bitcoin appears to have topped out. There’s a strong likelihood we’ll witness a shift towards altcoins soon.
Currently, the market is experiencing a lull, but this could change with the gains in momentum anticipated from an Ethereum ETF coming in May.”
Major financial institutions like Blackrock and Grayscale are in anticipation of the U.S. Securities and Exchange Commission’s (SEC) decision on the proposed spot Ethereum ETF. Opinions vary among market analysts regarding the approval of this new ETH investment product.
As per the latest data, BTC is trading at $64,282, having declined by 2.7% over the past day.
Van de Poppe also has commented on the current sentiment towards altcoins, which is notably pessimistic.
“Sentiments regarding altcoins are extremely negative at the moment.
That’s quite understandable.
Given that altcoins are currently in their longest bear market to date, it’s no surprise retail interest has dwindled.
However, I expect a shift over the coming weeks to a few months.”
He also notes that Bitcoin’s period of consolidation could prompt altcoins to become “more eager to run.”
The total market capitalization of altcoins presently stands at $1.23 trillion, experiencing a decrease of more than 12% in the preceding month, according to CoinGecko.
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Featured Image Credit: Shutterstock/Panassak Charnprasert
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