Cryptocurrency enthusiasts are eagerly anticipating the next series of rallies in the altcoin market following Bitcoin’s historic surge past $100,000. Renowned crypto analyst Michaël van de Poppe recently shared his insights with his large following on X, suggesting that altcoins may experience a significant uptrend once Ethereum (ETH) starts to rally against Bitcoin (BTC).
Van de Poppe pointed out that Ethereum reached a ratio of 0.04 BTC before retracing as Bitcoin began its rally. He believes that after a period of consolidation, altcoins could see another strong surge in value. Currently, ETH/BTC is trading at 0.03848 BTC ($3,876), showing a 3.34% decrease in the last 24 hours.
One bullish signal for altcoins is the decreasing dominance of Bitcoin in the overall cryptocurrency market. Bitcoin’s dominance level (BTC.D), which measures its market cap against the total market cap of all cryptocurrencies, is currently at 56.03%. Van de Poppe noted that the decline in BTC.D indicates a potential shift towards altcoins gaining traction in the market.
As Bitcoin continues to consolidate after breaking the $100,000 barrier, Van de Poppe predicts that altcoins will have room to shine. He emphasized the upside potential for altcoins once Bitcoin stabilizes, creating favorable conditions for altcoin price appreciation.
At the time of writing, Bitcoin is trading at $101,315, marking a 6.9% increase in the last 24 hours. As the market dynamics shift and altcoins show signs of potential growth, investors are keeping a close eye on the evolving cryptocurrency landscape.
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As the cryptocurrency market continues to evolve, investors and enthusiasts are eagerly anticipating the next wave of altcoin rallies and potential price surges. With Bitcoin paving the way for market movements, altcoins could be poised for significant growth in the near future.