12:00 p.m. ▪
3
min reading ▪ by
Luc Jose A.
Renowned crypto analyst Michaël van de Poppe anticipates a significant rise in altcoins, propelled by the remarkable resilience of Ethereum. While Bitcoin is showing signs of weakness with significant capital outflows from US-based ETFs, Ethereum is showing impressive stability. This dynamic could well herald a major turning point for the altcoin market.
Ethereum stands out for its resilience
While the crypto market is going through a bearish phase, Ethereum stands out with notable resilience. Recent data shows sustained activity by Ethereum whales, which contrasts with movements around Bitcoin.
A wallet linked to Justin Sun acquired 9,338 Ether, worth over $30 million. A purchase that demonstrates increased confidence in the future performance of Ethereum. On the other hand, Bitcoin whales, under the notable leadership of the German government, continue to liquidate their positions, increasing downward pressure on the market. Likewise, Bitcoin ETFs are facing massive outflows. Conversely, Ethereum appears to benefit from renewed confidence, potentially paving the way for a rise in altcoins.
An imminent rise of altcoins
https://twitter.com/CryptoMichNL/status/1804061700842217605?ref_src=twsrc%5Etfw, the resilience of Ethereum could well herald a new era for altcoins. The renowned analyst points out that the ETH/BTC pair, which has recently shown signs of strength, could trigger a significant rise in altcoins after more than two and a half years of downtrend. Van de Poppe believes that as long as the ETH/BTC pair maintains above the key level of 0.05, a trend reversal is possible. This analysis is based on on-chain data which reveals increased accumulation of Ethereum by whales, contrasting with Bitcoin liquidations. This technical signal indicates that Ethereum’s crypto price could rise exponentially against the US dollar, bringing in its wake positive momentum for the entire altcoin market.
Institutional interest in cryptos other than Bitcoin continues to grow, as evidenced by the imminent launch of Solana’s exchange-traded product (ETP) in Canada. This trend reflects a diversification of institutional investment portfolios, once largely dominated by Bitcoin, towards alternative cryptos with attractive growth prospects.
Bitcoin’s dominance, measured in terms of relative market share, is also poised for a major reversal. This prospect could encourage a rotation of investors’ liquidity towards altcoins and thus amplify their performance.
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Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
