As Bitcoin (BTC) cools from its recent rally, one widely respected cryptocurrency analyst says the cryptocurrency’s dominance has peaked.
Cryptocurrency trader Michaël van de Poppe says The 713,900 followers of social media platform
“For me, Bitcoin dominance has peaked and I think there is a strong possibility of a return to altcoins in the future.
There is currently a quiet vacuum, but the potential momentum surrounding the ETH ETF (Ethereum Exchange Traded Fund) in May should lead to a breakout.”
Financial giants Blackrock and Grayscale are currently awaiting approval from the U.S. Securities and Exchange Commission (SEC) for a potential spot Ethereum ETF. Market analysts and experts alike are divided on whether the new ETH trading vehicle will be approved.
At the time of writing, the value of BTC is $64,282, down 2.7% on the day.
Van de Poppe on the altcoin market Called The current sentiment is naturally negative.
“The market situation surrounding altcoins is very negative.
That’s totally understandable.
Altcoins are experiencing their longest bear market to date, which has wiped out retail sales.
I think this will change in the coming weeks and months.”
Analysts too proposal BTC consolidation will force altcoins to “run harder.”
The current altcoin market cap is $1.23 trillion, down more than 12% in the past month, according to CoinGecko.
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Featured image: Shutterstock/Panassak Charnprasert