Crypto News- In recent months, the altcoin market has struggled to keep up with Bitcoin (BTC), resulting in a loss of market share to the leading cryptocurrency. Nevertheless, there’s a growing sentiment, especially among prominent crypto market analyst Michael van de Poppe, that this could be an auspicious time to explore investment opportunities in altcoins. Poppe is optimistic that the bear market phase will not endure for much longer.
The Crypto Bear Market’s Final Chapter: A Glimpse at Altcoins
Poppe’s viewpoint on the nearing end of the bear market is grounded in several key factors. Altcoins have been grappling with this extended bearish period, with their peak values in Bitcoin pairings occurring around August 2020 and their all-time highs in USD value peaking in May 2021. This extended period of underperformance has spanned nearly 29 months.
One significant factor influencing this view is the impending Bitcoin halving, expected to take place around mid-2024. Additionally, there’s the potential approval of a spot Bitcoin ETF on the horizon. Geopolitical uncertainties have been driving up the price of Gold, a traditional safe-haven asset, which Poppe believes could potentially benefit Bitcoin’s value in the near future.
The CEO of BlackRock Larry Fink, has been increasingly vocal about Bitcoin, referring to it as a “flight to safety.” It’s widely anticipated that more institutional players will follow suit and consider Bitcoin as a digital counterpart to gold, potentially providing further support to the cryptocurrency’s price.
In the context of altcoins, if a spot Bitcoin ETF is approved, analysts anticipate a significant uptrend in Bitcoin. Historically, Bitcoin has been the market leader, with investors typically turning to altcoins when they gain greater confidence in the overall cryptocurrency market.
However, it’s worth noting that in recent weeks, certain prominent altcoins like Solana (SOL) and Chainlink (LINK) have already demonstrated significant price movements, garnering considerable attention in the market. In contrast, Ethereum has encountered several challenges, particularly following the failure of the highly anticipated ETH ETF Futures launch. Presently, Ethereum is working through its final correction against Bitcoin, which is contributing to the ongoing increase in Bitcoin’s dominance in the market, as pointed out by Poppe.
Leave a comment