As Bitcoin (BTC) calms down after its latest rally, a widely followed crypto analyst says the crypto king’s dominance has peaked…for now.
Crypto trader Michaël van de Poppe tell his 713,900 followers on social media platform X that his BTC market dominance charts indicate that altcoins could soon be on the rise.
“For me, Bitcoin dominance has reached its peak and there is a good chance that we will return to altcoins in the coming period.
This is currently a quiet void that we will need to fill with potential momentum around the ETH ETF (Ethereum Exchange-Traded Fund) in May.
Financial giants Blackrock and Grayscale are currently awaiting approval from the United States Securities and Exchange Commission (SEC) for a potential Ethereum spot ETF. Market analysts and experts are divided on whether the new ETH trading vehicle will be approved or not.
BTC is worth $64,282 at the time of writing, down 2.7% on the day.
Regarding altcoin markets, Van de Poppe said the current feeling is naturally negative.
“The state of the markets around altcoins is extremely negative.
This is quite understandable.
Altcoins have gone through their longest bear market to date and as a result, retail trading has disappeared.
I think this will change in the coming weeks/months.
The analyst also suggests that BTC consolidation will make altcoins “more eager to perform.”
According to CoinGecko, the altcoin’s market cap currently stands at $1.23 trillion, down more than 12% over the past month.
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Featured image: Shutterstock/Panassak Charnprasert
