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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 29, 2024 06:44 UTC
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Altcoin Market Poised for 2x Rally After Bitcoin Surge, Claims Analyst
The overall market is up, but altcoins haven't gained as much due to Bitcoin's dominance.
Bitcoin price is near its all-time high, with trading volume in top Bitcoin ETFs hitting new records.
Despite the current lag, an analyst expects altcoins to double in value as Bitcoin stabilizes and investors shift profits.
The global cryptocurrency market has recently experienced a noteworthy 4.97% surge in the past 24 hours, reaching a substantial $2.26 trillion in market cap. However, amid this excitement, renowned crypto analyst Michaël van de Poppe highlights a lag in altcoin market caps, attributing it to the prevailing dominance of Bitcoin.
Here’s more of what the expert had to say.
Altcoins Lagging Behind
Van de Poppe, in a recent tweet, pointed out that the current dip in altcoin market capitalization is a direct result of Bitcoin’s prominence. When Bitcoin takes the lead, altcoins tend to be overshadowed, struggling to make their mark.
The recent surge in Bitcoin, bringing it close to its all-time high, has historically dictated market trends, with other cryptocurrencies following suit.
Read More: Analyst Lists More Than 15 Altcoins for Minimum 35x Returns
A Record-Breaking Performance from Bitcoin
Simultaneously, the top ten Bitcoin ETFs have experienced a surge in trading volume, reaching an impressive $7.7 billion. This surpasses the earlier record set on their debut trading day just a month ago. The recent upswing in Bitcoin’s price has propelled it to $64,000, and it currently trades above $63,240, maintaining a robust market cap of $1.2 trillion.
Stay Patient!
Despite the slowdown in altcoins, Van de Poppe remains optimistic. He predicts a substantial 2x surge in altcoins once Bitcoin stabilizes, potentially doubling their value. This optimism is grounded in the belief that profits gained from Bitcoin’s rise will flow into altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA), benefiting their prices.
The Buzz is Real
Van de Poppe’s insights have sparked discussions within the crypto community. Investors and enthusiasts are eagerly anticipating increased activity and gains in the altcoin space as Bitcoin’s dominance begins to fade.
All eyes are on the altcoins, who are waiting to reclaim the spotlight. We’re excited – are you?
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