bitcoin, the world's largest cryptocurrency by market capitalization, appears to continue struggling a week after the approval of btc spot ETFs in the US. While the leading cryptocurrency failed to capitalize on this positive development, ethereum price (the acclaimed king of altcoins) soared to new highs.
Interestingly, cryptocurrency analysts and experts have been providing commentary on the future trajectory of bitcoin and in relation to ethereum and other cryptocurrencies. Michael van de Poppe, a popular crypto analyst on platform
Is bitcoin dominance at its peak?
In a recent publish in X, Michael van de Poppe hypothesized about bitcoin's dominance in the cryptocurrency market. The crypto analyst shared his prediction on platform
Poppe claims there is historical evidence to support bitcoin's peak dominance in the months leading up to the halving. This occurred in 2020 and 2016, and the crypto expert noted that it seems likely to happen in 2024.
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Chart showing btc Dominance on the weekly timeframe | Source: Michaël van de Poppe/X
Furthermore, Michael van de Poppe mentioned the possibility of altcoins performing better than the flagship cryptocurrency. The analyst said in his post:
Once bitcoin bottoms, I expect altcoins to start outperforming.
With little change in the last day, bitcoin dominance stands at 51.11% at the time of writing. Since falling from a high of over 54% due to the bitcoin price drop, the btc.D indicator has been basically moving sideways for the past few days.
At the time of writing, the price of bitcoin stands at $41,706, reflecting an increase of just 0.3% in the last 24 hours. It is worth noting that the market leader lost about 2.5% of its value over the past week.
Can ethereum Lead the Altcoin Charge?
Another cryptocurrency X analyst under the pseudonym Hedgex expressed a very similar point of view regarding bitcoin dominance. The popular trader expects the btc.D indicator to witness “peak pain,” but he was quite positive about “Total2,” the cumulative market capitalization of altcoins.
The crypto analyst identified ethereum as the coin that can lead an altcoin rally. Interestingly, Hedgex projected the price of bitcoin to peak at $100,000, but believes the “king of altcoins” has even more upside potential.
The analyst believes Ether has more catalysts, including a possible US spot ETF launch, which could push its price to record highs. According to Bloomberg expert Eric Balchunas, there is a 70% chance that an ethereum spot ETF will be approved in May.
The ethereum token is currently valued at $2,473, reflecting nearly 10% price growth since the beginning of 2024.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Is-Bitcoin-Dominance-Peaking-Analyst-Predicts-an-Altcoin-Acquisition-in" alt="bitcoin” width=”2174″ height=”1434″/>
eth gains strength against btc on the daily timeframe | Source: ETHBTC chart on TradingView
Featured image from iStock, chart from TradingView
