Bitcoin currently dominates the market, but according to Dutch analyst Michaël van de Poppe, this will soon change. On the so-called Bitcoin Dominance graph, Van de Poppe sees that altcoins may soon start to rise.
Bitcoin’s dominance is at a peak
“For me, Bitcoin’s dominance has peaked and there is a significant chance that we will rotate back to altcoins in the coming period. It is a silent vacuum at the moment that we need to break through with potential momentum around the Ethereum ETF in May,” said Van de Poppe.
According to Van de Poppe, the 57.30 percent dominance that Bitcoin recently reached is the top for the largest coin on the market. Financial giants such as BlackRock and Grayscale are also awaiting approval from the US Securities and Exchange Commission (SEC) for their Ethereum ETFs.
However, most experts are anything but convinced of the approval of the Spot Ethereum ETFs in May this year. According to them, it is far too quiet around the Ethereum ETFs, while before the approval of the Bitcoin ETFs we heard a lot about the conversations between potential issuers and the SEC.
Negative sentiment around altcoins
As far as altcoins are concerned, Van de Poppe says it is logical that sentiment is currently negative. “The state of the markets is super negative as far as altcoins are concerned. That is completely understandable. Altcoins have gone through their longest bear market yet and as a result the retail audience is no longer present,” said Van de Poppe.
He thinks this will change in the coming weeks or months. Furthermore, Van de Poppe suggests that Bitcoin’s consolidation makes it easier for altcoins to start rising.
He does not say which altcoins we should pay attention to. That is exactly what Van de Poppe seems to be asking his audience. Maybe he needs some inspiration too.
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Source: https://newsbit.nl/analist-bitcoin-gepiekt-het-is-tijd-voor-altcoins/
