Altcoins
Ethereum Could Trigger an Altcoin Explosion!
2pm ▪ 3 minute read ▪ by Luc Jose A.
Michaël van de Poppe, renowned crypto analyst, predicts a significant rise in altcoins, driven by the remarkable resilience of Ethereum. While Bitcoin shows signs of weakness with notable capital outflows from US-based ETFs, Ethereum demonstrates impressive stability. This dynamic could herald a major turning point for the altcoin market.
Ethereum stands out for its resilience
While the cryptocurrency market goes through a bearish phase, Ethereum stands out for its remarkable resilience. Recent data shows sustained Ethereum “whale” activity, which contrasts with the movements around Bitcoin.
A wallet linked to Justin Sun acquired 9,338 Ether, worth over $30 million. A purchase that demonstrates greater confidence in the future performance of Ethereum. In contrast, Bitcoin whales, influenced in particular by the German government, continue to liquidate their positions, increasing downward pressure on the market. Likewise, Bitcoin ETFs Face Massive Outflows. In contrast, Ethereum appears to be gaining renewed confidence, potentially setting the stage for an altcoin surge.
An impending rise in altcoins
According to Michaël van de Poppe, Ethereum’s resilience could herald a new era for altcoins. The well-known 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 downward trend. Van de Poppe believes that as long as the ETH/BTC pair remains above the key 0.05 level, a trend reversal is possible. This analysis is based on on-chain data revealing increased Ethereum accumulation by whales, in contrast to Bitcoin liquidations. This technical signal indicates that the price of the Ethereum cryptocurrency could rise exponentially against the US dollar, resulting in positive dynamics for the entire altcoin market.
Institutional interest in cryptocurrencies other than Bitcoin continues to grow, as evidenced by the upcoming 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 cryptocurrencies with attractive growth prospects.
Bitcoin’s dominance, measured in terms of relative market share, is also poised for a major turnaround. This prospect could favor a rotation of investors’ liquidity towards altcoins and therefore amplify their performance. towards altcoins and amplify their performance.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.