Crypto analyst Nicholas Merten bitcoinHe stated that while (BTC) continues to trade above $ 60,000, he believes that a rise can occur in altcoins as well.
Speaking in the analysis video he posted via YouTube, Merten said many traders are seeing all-time highs (ATH) with the launch of the ProShares exchange-traded fund (ETF). BTCHe stated that he expects that ‘ will gather all the attention on himself. According to the analyst, this situation in BTC may also be an important sign of strength for the altcoin market, and although Bitcoin has this strength, there may be a strong increase in the altcoin markets.
“I think we can see altcoins (like BTC) in the same position. Many, such as Ethereum (ETH), have already started to put pressure on their previous ATH and have already managed to outpace the rises in Bitcoin. All liquidity is not just shifting to Bitcoin, it is a fact that there seems to be a large influx of altcoins.”
Comparing the market share of altcoins with that of Bitcoin and examining altcoin dominance, Merten says that the metric has jumped from an important support line close to 52%.
“At the peak moment when everyone is trying to give up and are afraid, when people say ‘Oh my God, we’re going to break the support line’ or ‘it’s too late for altcoins’, we don’t go up right away, of course, but when the overall support is around 52.5%, Merten expects the uptrend to start. stated that the full rise could take up to 54.15%.”
The analyst also claimed that the decentralized finance (DeFi) sector in crypto markets could see “promising” gains in the next few months.
“So the idea here is that DeFi could start to see new heights in dominance. DeFi is one of the most fundamental industries in the crypto space. Behind it is real ownership, real charm, real excitement…
In the coming months, that is, as we enter the 1st quarter of 2022, I see it as a great chance for DeFi dominance to start increasing and this dominance rate to increase.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.