Altcoins
Top Crypto Trader Ditches Entire Bitcoin Portfolio to Buy Altcoins, But You Should Take This ‘Huge’ Risk
May 17, 2024 06:20 am | 2 minute read
Prominent cryptocurrency trader Michael van de Poppe stunned the market after revealing he had dumped all of his Bitcoin (CRYPTO: Bitcoin) holdings in favor of altcoins.
What happened: Known for sharing valuable input on cryptocurrency portfolios and choosing assets to invest in, Van De Poppe revealed in a post on X: “I sold all my Bitcoin.”
I sold all mine #Bitcoin
Yes i did it. I have not lost faith in Bitcoin, I do not expect Bitcoin to top out this cycle. I have not become a total believer in gold.
I sold all my Bitcoins.
In this long read I will explain why I did it and what I did with…
The big decision was not motivated by King Crypto’s weak price action over the past month, rather Van De Poppe noted: “I have not lost faith in Bitcoin, I don’t expect Bitcoin to top out for this cycle. I have not become a total believer in gold.
Michael van de Poppe did not immediately respond Benzinga’s request for comment.
The analyst stated that he takes an opposite position to the majority of market traders who have rotated their capital from altcoins to Bitcoin, betting on the latter’s continued growth.
He stressed that the current cycle will be the last to make money through altcoins, which he believes should see a rise. As a result, he decided to acquire altcoins that were currently undervalued, so that when their prices rose, he could use them to purchase more Bitcoin.
However, the analyst added a caveat that the downside risk was “huge,” as he was already down 20% on the overall portfolio when he made this X announcement.
Because matter: Bitcoin’s dominance over the rest of the market has increased this year, from 50% at the beginning to 54.18% at the time of this writing, according to CoinMarketCap
Bitcoin has largely benefited from the launch of spot ETFs this year, as have other similar assets Ethereum (CRYPTO: ET) Have underperformed compared.
Another well-known cryptocurrency analyst Kevin they have also noted a substantial rotation of capital from altcoins to Bitcoin in the current cycle
#Altcoin holders are capitulating #BTC just as we expected with the current increase in dominance. Overall, this is a very bullish reading as it provides us with evidence that we are entering phase 3 of the bull market. I still need more data, but it looks really good at the moment.
—Kevin (@Kev_Capital_TA) May 16, 2024
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Price Action: At the time of writing, Bitcoin was trading at $66,333.56, up 0.05% over the past 24 hours, according to data from Benzinga Pro.
Read next: Michael Saylor Says Wall Street and Congress Want Bitcoin, But What About Joe Biden?
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