With Bitcoin’s dominance waning, could altcoins be poised for a stellar comeback?
As the cryptocurrency market undergoes a correction phase, Bitcoin’s price has stabilized around $68,000. This has led investors to rethink their strategies. With Bitcoin’s momentum slowing, attention is turning towards altcoins, potentially signaling the start of the next bull run.
Prominent crypto trader Ash Crypto highlights three compelling reasons why altcoins are the best buys in the current market conditions.
Here’s a detailed breakdown of his points.
Ash Crypto notes that altcoins, excluding the top 10, are currently at their lowest level in a year compared to Bitcoin (BTC). This significant drop suggests a major sell-off by investors, leading to a market bottom.
Historically, such low levels have often come before major market reversals, making this a potentially good time to buy altcoins before a possible surge.
Another critical factor driving Ash Crypto’s bullish outlook on altcoins is the upcoming launch of Ethereum (ETH) ETF trading. With trading set to begin in a few weeks, Ethereum is expected to lead the market. This move is expected to shift investor focus and funds from Bitcoin to Ethereum and other altcoins.
Despite Bitcoin recently hitting a new all-time high (ATH), 95% of large-cap altcoins remain down by 30% to 70% from their ATHs. This indicates that many altcoins are still in oversold territory, a condition historically linked with good buying opportunities.
The current situation in the crypto market has many investors thinking about diversifying their portfolios. With the altcoin market showing promising signs of a potential bull run, driven by factors such as the upcoming ETH ETFs and shifting interest from Bitcoin to altcoins, diversification appears to be a smart strategy for future gains.
The time to act is now: With promising signs in the altcoin market, take advantage of this potential buying opportunity!
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