As Bitcoin (BTC) cools down from its latest rally, one widely followed crypto analyst says the king crypto’s dominance has peaked… for now.
Crypto trader Michaël van de Poppe tells his 713,900 followers on the social media platform X that his BTC market dominance charts indicate that altcoins may soon be on the rise.
“To me, the Bitcoin dominance has peaked and there’s a significant chance that we’ll rotate back to altcoins in the coming period.
It’s a quiet vacuum currently, which we’ll need to break through with a potential momentum surrounding the ETH ETF (Ethereum exchange-traded fund) in May.”
Financial giants Blackrock and Grayscale are currently awaiting U.S. Securities and Exchange Commission (SEC) approval of a potential spot Ethereum ETF. Market analysts and experts alike are divided on whether or not the new ETH trading vehicle will be approved.
BTC is worth $64,282 at time of writing, down 2.7% on the day.
Concerning the altcoin markets, Van de Poppe says the sentiment right now is understandably negative.
“The state of the markets is super negative surrounding altcoins.
That’s entirely understandable.
Altcoins have been going through their longest bear market to date and, as a result, retail has vanished away.
I think that this will change in the coming weeks/few months.”
The analyst also suggests that BTC’s consolidation will make altcoins “more eager to run.”
According to CoinGecko, the altcoin market cap currently rests at $1.23 trillion, down over 12% in the last month.
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Featured Image: Shutterstock/Panassak Charnprasert