Altcoins
Ethereum could trigger an altcoin explosion!
2:00 p.m. ▪ 3 min reading ▪ by Luc Jose A.
Michaël van de Poppe, renowned crypto analyst, anticipates a significant rise in altcoins, driven by the remarkable resilience of Ethereum. While Bitcoin is showing signs of weakness with large 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 from 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. Conversely, Bitcoin whales, notably influenced by the German government, continue to liquidate their positions, thus increasing downward pressure on the market. In the same way, Bitcoin ETFs face massive outflows. Conversely, Ethereum appears to be finding renewed confidence, potentially paving the way for altcoins to rise.
An imminent rise in altcoins
According to Michaël van de Poppe, Ethereum’s resilience could 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 revealing increased Ethereum accumulation by whales, contrasting with Bitcoin liquidations. This technical signal indicates that the crypto price of Ethereum could rise exponentially against the US dollar, leading to 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 investor liquidity towards altcoins and thus amplify their performance. towards altcoins and amplify their performance.
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Luc José 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.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.