Altcoin Market Poised for 2X Surge, Analyst Michaël van de Poppe Suggests
The post Altcoin Market Poised for 2X Surge, Analyst Michaël van de Poppe Suggests appeared first on Coinpedia Fintech News
The global cryptocurrency market cap has reached $2.26 trillion, marking a 4.97% surge in the last 24 hours. Despite this, renowned crypto analyst Michaël van de Poppe notes a lag in altcoin market caps, attributing it to Bitcoin’s current prominence.
However, he predicts altcoins will surge 2x once Bitcoin settles. He thinks other cryptocurrencies will gain more attention and increase in value after Bitcoin stabilizes.
Altcoin Market Lagging BehindIn a recent tweet, widely-followed crypto analyst Michaël van de Poppe shed light on the current state of the altcoin market. Noting that the altcoin market capitalization is currently lagging behind, he attributes this trend to Bitcoin’s dominance.
The #Altcoin market capitalization is still lagging behind.
That's usually what happens when strength is surrounded by Bitcoin alone.
However, once Bitcoin is going to stabilize, it seems likely we'll have a potential 2x on altcoins to come. pic.twitter.com/TQuA8sR9DO
Van de Poppe points out that when Bitcoin takes the lead, the strength often overshadows the performance of altcoins. Eventually, Bitcoin has risen sharply in recent days and is now only a few percent below its record price. Bitcoin often tends to dictate market trends, and other cryptocurrencies follow suit.
However, it is seen that the trading volume for the top ten Bitcoin ETFs surged to $7.7 billion, breaking the earlier record of $4.7 billion established on their debut trading day on January 11.
Simultaneously, a recent upswing propelled its price to $64,000. As of now, BTC is currently trading above $63,240 with a market cap of $1.2 trillion.
ALtcoin 2x Surge Soon!!!Although altcoins currently face a slowdown, Van de Poppe remains optimistic that once Bitcoin stabilizes, the altcoin market could experience a noteworthy 2x surge in altcoins, indicating the possibility of doubling in value.
This optimism is grounded in the assumption that profits from Bitcoin could flow into altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA). Consequently, the prices of these altcoins stand to benefit from such an inflow.
Historically, when Bitcoin dominates the market, the performance of alternative cryptocurrencies tends to decrease.
Van de Poppe’s insights have sparked conversations within the crypto community, with many investors and enthusiasts eagerly anticipating the potential for increased activity and gains in the altcoin space.