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.

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.

Source : Cointribune EN - Jun 23, 2024