Crypto Markets on the Edge of Witnessing Full-Blown Altseason, According to Popular Crypto Analyst

0 6

knife

A closely followed analyst believes that the crypto markets are gearing up for a period when altcoins significantly outperform Bitcoin (BTC).

In a new strategy session, trader Michaël van de Poppe tells his 163,000 YouTube subscribers that the Bitcoin dominance chart (BTC.D) has likely peaked for now and looks poised to roll over.

The BTC.D chart tracks how much of the total crypto market capitalization belongs to the king crypto. A falling BTC.D chart suggests that altcoins are printing gains at a more rapid rate than Bitcoin itself.

According to Van de Poppe, Ethereum’s (ETH) recent Shanghai upgrade, which now allows stakers to withdraw their coins, is likely the signal that heralds a fresh altseason.

“If we’re looking at the Bitcoin dominance, we can arguably say that we have been reaching the crucial level at 50 (percent)… I was thinking maybe we can go a little bit higher but then I realized that Shanghai upgrade took place, which I didn’t include in the previous update. 

I think that we’re on the edge of having a correction on the Bitcoin dominance. I think that we’re peaking here, and that is going to result into a fall in the coming period. As the last time during the Ethereum merge, it was bottom. Now, it’s probably the peak.” 

Van de Poppe believes that his expected alteason could run for a few months before Bitcoin takes a breather.

“So we have a window of at least a few months that we’re going to do well when it comes to the altcoins before Bitcoin is going to correct, which means I’m not inducing shorting at all. I think buying the dip and longing is the way to go.”

At time of writing, the BTC.D chart stands at 47.16%, below Van de Poppe’s key level.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Check Price Action



Follow us on Twitter, Facebook and Telegram



Surf The Daily Hodl Mix


Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Dk008

The post Crypto Markets on the Edge of Witnessing Full-Blown Altseason, According to Popular Crypto Analyst appeared first on The Daily Hodl.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 58,017.54
ethereum
Ethereum (ETH) $ 3,125.65
tether
Tether (USDT) $ 0.999943
bnb
BNB (BNB) $ 532.11
solana
Solana (SOL) $ 138.06
usd-coin
USDC (USDC) $ 0.999018
staked-ether
Lido Staked Ether (STETH) $ 3,124.44
xrp
XRP (XRP) $ 0.464266
the-open-network
Toncoin (TON) $ 7.30
dogecoin
Dogecoin (DOGE) $ 0.107172
cardano
Cardano (ADA) $ 0.409644
tron
TRON (TRX) $ 0.136655
avalanche-2
Avalanche (AVAX) $ 25.61
shiba-inu
Shiba Inu (SHIB) $ 0.000016
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 58,095.57
polkadot
Polkadot (DOT) $ 6.00
chainlink
Chainlink (LINK) $ 12.64
bitcoin-cash
Bitcoin Cash (BCH) $ 353.90
uniswap
Uniswap (UNI) $ 8.10
near
NEAR Protocol (NEAR) $ 4.99
dai
Dai (DAI) $ 0.999852
leo-token
LEO Token (LEO) $ 5.68
litecoin
Litecoin (LTC) $ 69.14
matic-network
Polygon (MATIC) $ 0.503134
wrapped-eeth
Wrapped eETH (WEETH) $ 3,265.26
kaspa
Kaspa (KAS) $ 0.167108
pepe
Pepe (PEPE) $ 0.000009
ethena-usde
Ethena USDe (USDE) $ 0.997814
internet-computer
Internet Computer (ICP) $ 7.27
ethereum-classic
Ethereum Classic (ETC) $ 21.38
monero
Monero (XMR) $ 158.57
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.15
aptos
Aptos (APT) $ 6.07
stellar
Stellar (XLM) $ 0.090702
blockstack
Stacks (STX) $ 1.70
render-token
Render (RNDR) $ 6.19
hedera-hashgraph
Hedera (HBAR) $ 0.066757
cosmos
Cosmos Hub (ATOM) $ 6.04
crypto-com-chain
Cronos (CRO) $ 0.087756
mantle
Mantle (MNT) $ 0.699328
filecoin
Filecoin (FIL) $ 3.99
arbitrum
Arbitrum (ARB) $ 0.696101
okb
OKB (OKB) $ 37.57
maker
Maker (MKR) $ 2,456.14
vechain
VeChain (VET) $ 0.026822
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,173.96
immutable-x
Immutable (IMX) $ 1.26
first-digital-usd
First Digital USD (FDUSD) $ 0.998081
injective-protocol
Injective (INJ) $ 19.81
optimism
Optimism (OP) $ 1.70
sui
Sui (SUI) $ 0.737773
the-graph
The Graph (GRT) $ 0.183984
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,503.02
bittensor
Bittensor (TAO) $ 241.82
bonk
Bonk (BONK) $ 0.000023
dogwifcoin
dogwifhat (WIF) $ 1.57
notcoin
Notcoin (NOT) $ 0.015224
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,246.28
lido-dao
Lido DAO (LDO) $ 1.66
arweave
Arweave (AR) $ 22.48
bitget-token
Bitget Token (BGB) $ 1.04
aave
Aave (AAVE) $ 96.22
ondo-finance
Ondo (ONDO) $ 0.97641
theta-token
Theta Network (THETA) $ 1.39
floki
FLOKI (FLOKI) $ 0.000141
whitebit
WhiteBIT Coin (WBT) $ 9.53
fantom
Fantom (FTM) $ 0.468683
celestia
Celestia (TIA) $ 6.34
thorchain
THORChain (RUNE) $ 3.59
jasmycoin
JasmyCoin (JASMY) $ 0.024361
based-brett
Brett (BRETT) $ 0.113576
algorand
Algorand (ALGO) $ 0.13701
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,131.58
pyth-network
Pyth Network (PYTH) $ 0.289821
quant-network
Quant (QNT) $ 71.68
jupiter-exchange-solana
Jupiter (JUP) $ 0.757386
coredaoorg
Core (CORE) $ 1.09
elrond-erd-2
MultiversX (EGLD) $ 35.37
sei-network
Sei (SEI) $ 0.313868
gatechain-token
Gate (GT) $ 6.96
flare-networks
Flare (FLR) $ 0.019329
kucoin-shares
KuCoin (KCS) $ 9.12
mantra-dao
MANTRA (OM) $ 1.05
flow
Flow (FLOW) $ 0.547044
ethereum-name-service
Ethereum Name Service (ENS) $ 25.80
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,171.01
axie-infinity
Axie Infinity (AXS) $ 5.37
tokenize-xchange
Tokenize Xchange (TKX) $ 9.89
akash-network
Akash Network (AKT) $ 3.24
dydx-chain
dYdX (DYDX) $ 1.30
gala
GALA (GALA) $ 0.021402
eos
EOS (EOS) $ 0.52167
bittorrent
BitTorrent (BTT) $ 0.0000007961133
bitcoin-sv
Bitcoin SV (BSV) $ 38.84
tezos
Tezos (XTZ) $ 0.759738
fasttoken
Fasttoken (FTN) $ 2.34
msol
Marinade Staked SOL (MSOL) $ 166.07
beam-2
Beam (BEAM) $ 0.014723
usdd
USDD (USDD) $ 0.997756
starknet
Starknet (STRK) $ 0.556676