Altcoins
Top Cryptocurrency Analyst Shuffles Altcoin Portfolio Before Ethereum ETF: Here’s What He’s Turned Toward
June 6, 2024 1:44 p.m. | 2 minutes of reading
Prominent cryptocurrency analyst Michael van de Poppe shared information on recent adjustments to its altcoin portfolio in a new podcast episode.
What happened: Van de Poppe remains bullish on altcoins, focusing on higher ROI prospects influenced by the impending approval of the Ethereum (CRYPTO: ETH) AND F. He explained that about four weeks ago he switched to altcoins, but has since adjusted their specific holdings.
“Altcoins are going to do very well,” he said, attributing the recent underperformance to the impacts of the Bitcoin ETF. He highlighted his appetite for risk, citing: “That’s how I made a lot of money and that’s how I lost a lot of money.”
He adds that the reason markets are trading sideways is because the Ether ETF has not been fully approved, with only 19B-4 filings greenlit, but not S-1 filings. He predicted: “Once that happens, interest will start to show in the markets and in the ETF. »
Altcoin rotation strategy
He highlighted targeting altcoins with higher potential returns, particularly those affected by Binance’s recent focus on low float, high FDV coins. Pieces like Celestia (CRYPTO: AIT) experienced significant increases after its listing on Binance, illustrating the evolving power of the stock market.
It is crucial to focus on market participants such as Binance and BlackRock, as the BTC price rally was led by the involvement of BlackRock’s ETF. He stressed the importance of abandoning older altcoins like Atom (CRYPTO: ATOM) And Curve (CRYPTO: CRV) which have underperformed, towards more recent projects with better upside potential. Here are some examples :
- Renzo (CRYPTO: RENZO): This has fallen about 70% since then and shows opportunity.
- Portal (CRYPTO: PORTAL): A gaming coin with a relatively higher floating supply. It has seen a 70-80% decline and is starting to collapse.
- Wormhole (CRYPTO:W): Added to portfolio due to expected higher returns based on recent performance.
Read also: How Ethereum ETF Inflows Will Impact Bitcoin and Cryptocurrency Prices
Why is this important: Van de Poppe further highlighted the recent inflow of $900 million into the Bitcoin ETF, the highest in two months, as a sign of growing interest in ETFs, which he believes will expand soon to Ethereum.
The trader’s ideas reflect a strategic shift toward altcoins poised for near-term growth, taking advantage of market catalysts such as the Ethereum ETF.
And after: The influence of Ethereum as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
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