Altcoins
A turning point for the altcoin market?
- Mt. Gox begins repaying creditors, returning 142,000 BTC and 143,000 BCH after nearly a decade.
- The success of the Ethereum ETF is key to the potential altseason and BTC’s shift in dominance.
Michaël van de Poppe, a well-known cryptocurrency analyst, recently tweeted that the overall altcoin market cap has bottomed out after the announcement of the Mt Gox News.
It has highlighted a major bounce to the upside and more importantly, a notable reversal as it has tested the higher timeframe support. If this value continues to rise, it will encounter a formidable opposition zone. If this resistance is broken, a positive increase in the cryptocurrency market will follow.
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The total #Altcoins Market cap hit rock bottom during the Mt. Gox news.
A strong bounce to the upside, but more importantly, a strong reversal as it tested support on a higher timeframe. photo.twitter.com/UrAS1tFsyk
— Michaël van de Poppe (@CryptoMichNL) July 20, 2024
Mt. Gox, a cryptocurrency exchange that went bust in 2014 after losing around 850,000 Bitcoin to a cyberattack, has finally begun repaying its creditors in July 2024. A total of 142,000 BTC and 143,000 BCH, worth over $9 billion, will be repaid to around 127,000 creditors who have been waiting for over a decade.
Bitcoin’s Potential Peak Dominance Depends on Ethereum ETF Success
In a separate to tweetvan de Poppe posted a chart indicating that Bitcoin dominance could peak when the leading coin encounters a strong push. The question remains whether Bitcoin dominance will peak or if it will rise again.
This outcome depends on how well the Ethereum ETF performs. If BTC dominance declines, we will see the confirmation of a bearish divergence and a rise in altcoins, often known as altseason.
Previously, CNF reported that a cryptocurrency analyst said that technical indicators are changing and the long-awaited altseason is around the corner. However, he also warned that 99% of meme tokens would fail, causing investors to lose money.
On the other hand, as we have already said previously, highlightedDan Gambardello, founder of Crypto Capital Venture, predicts a huge rise in cryptocurrencies.
This analysis is based on the outcome of Coinbase’s legal battle with the U.S. Securities and Exchange Commission. The ramifications of this lawsuit are expected to have a substantial impact on market dynamics, potentially triggering a surge in altcoins.
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