One cryptocurrency trader who closely follows believes that Ethereum (ETH) and altcoins will steal Bitcoin (BTC)’s thunder.
In a new video update, cryptocurrency strategist Michaël van de Poppe told his 162,000 YouTube subscribers that he believes it’s almost time for Ethereum to shine.
The analyst cites Ethereum’s Dencun update, which aims to lower fees for layer 2 transactions, and the hype surrounding the possible approval of a spot ETH exchange-traded fund (ETF) as positive catalysts for the leading smart contract platform.
“I think the momentum will shift towards Ethereum.
It is important to understand upcoming macroeconomic events. Given that inflation is sticky, macroeconomic events could possibly delay a decline in interest rates.
The Dencun upgrade is happening in Ether, which will have a positive impact on Layer-2, further increasing the value of Ether, which is far behind.
And considering that Franklin (Templeton) is also interested in applying for a spot Ether ETF, I think there is a chance that the Ether ETF can take over that momentum.”
Earlier this month, global investment giant Franklin Templeton submitted an application for a spot market Ethereum (ETH) exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
As of this writing, the value of Ethereum is $2,918, up more than 4% over the past day.
Looking at the rest of the cryptocurrency market, Van de Poppe thinks traders will shift their profits from Bitcoin to altcoins as he believes BTC’s upside is limited at current levels.
“If the market corrects because Bitcoin corrects, Ether will correct less, which means the Bitcoin pair (ETH/BTC) will rise. If so, then you know a solid reason why Bitcoin is hitting new highs. This means that partially rotating into USDT adds EV (expected value) to buying downside altcoins, and rotating into altcoins already makes a lot of sense. .”
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