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Crypto: Ethereum Could Trigger An Explosion Of Altcoins!

Sun 23 Jun 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Invest

Michaël van de Poppe, renowned crypto analyst, anticipates a significant rise in altcoins, driven by Ethereum’s remarkable resilience. While Bitcoin shows signs of weakness with substantial capital outflows from US-based ETFs, Ethereum demonstrates impressive stability. This dynamic could well herald a major turning point for the altcoin market.

La crypto Ethereum pourrait faire du Bien aux altcoins

Ethereum stands out for its resilience

As the crypto market undergoes a bearish phase, Ethereum stands out with notable resilience. Recent data shows sustained activity from Ethereum “whales,” which contrasts with the movements around Bitcoin.

A wallet linked to Justin Sun acquired 9,338 Ether, worth over 30 million dollars. A purchase that demonstrates increased confidence in Ethereum’s future performance. In contrast, Bitcoin whales, notably influenced by the German government, continue to liquidate their positions, increasing downward pressure on the market. Similarly, Bitcoin ETFs face massive outflows. Conversely, Ethereum appears to be gaining renewed confidence, potentially setting the stage for a rise in altcoins.

An imminent rise in altcoins

According to Michaël van de Poppe, Ethereum’s resilience could herald a new era for altcoins. The renowned analyst highlights 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 a downtrend. Van de Poppe believes that as long as the ETH/BTC pair holds above the key level of 0.05, a trend reversal is possible. This analysis is based on on-chain data revealing increased accumulation of Ethereum by whales, contrasting with Bitcoin liquidations. This technical signal indicates that Ethereum’s crypto price could climb exponentially against the US dollar, driving positive dynamics for the entire altcoin market.

Institutional interest in cryptos other than Bitcoin continues to grow, as evidenced by the imminent 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 cryptos with attractive growth prospects.

Bitcoin’s dominance, measured in terms of relative market share, is also poised for a major reversal. This outlook could favor a rotation of investor liquidity towards altcoins and thus amplify their performance. towards altcoins and amplify their performance.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.