Contrary to prevailing sentiment, altcoins are gradually gaining traction, with signs of newfound vitality observed across a range of metrics according to Michaël van de Poppe, the founder of MN Trading. This comes amid a period where the crypto landscape appears largely listless, offering what might be a surprising turn of events. Here’s what you need to know.
What you'll learn 👉
The Current State of Affairs
Over the recent months, the cryptocurrency markets have been largely lethargic, with many tokens trading sideways. This has engendered a palpable sense of ennui among investors and traders. Even well-regarded projects like Chainlink have not been immune, seeing a complete retracement despite the release of their much-anticipated Cross-Chain Interoperability Protocol (CCIP).
One of the more striking aspects currently is the dip in Bitcoin dominance, especially since it failed to sustain levels above the 200-Exponential Moving Average (EMA). This decline in dominance is consistent with patterns seen in previous market cycles. Moreover, with approximately 8-10 months left before the next Bitcoin halving, history suggests we could witness an altcoin resurgence rather than a broad market downturn.
The Butterfly Effect: Bitcoin’s Influence on Altcoins
It’s common wisdom that a sharp decline in Bitcoin would drag down the USD value of altcoins. However, historical data doesn’t fully back this up. During previous corrections, we’ve observed BTC pairs of altcoins actually gaining, a phenomenon that can’t be ignored as it signifies underlying strength in the altcoin market.
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Show more +Adding fuel to the speculative fire is the increasing likelihood of Ethereum ETF futures gaining approval within the next month. If this transpires, it would serve as a massive bullish indicator for Ethereum and, by extension, the altcoin market.
Moreover, there’s evidence to suggest we might have already hit a low in the Ethereum-to-Bitcoin trading pair, particularly when examining the period 252 days prior to Bitcoin’s next halving. This further supports the notion that the tide is turning in favor of altcoins.
History has shown that bull markets often begin when they are least expected. Considering the current dynamics, indicators, and upcoming events, the crypto community might be on the cusp of a surprising altcoin breakout.
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