The 8% increase in the global cryptocurrency market in the last 24 hours has brought about new discussions about the fast-changing nature of crypto assets. With this increase, the total value of the global cryptocurrency market reached record levels, reaching 3.3 trillion dollars.
Although there have been significant increases in the total market value and Bitcoin price, the effects of this increase have not yet been seen in the altcoin market. Widely followed crypto analyst Michaël van de Poppe shed light on this situation. kept.
The analyst noted that the altcoin market cap is currently behind Bitcoin, and this is due to Bitcoin’s dominance. He added that when Bitcoin takes the lead, the performance of altcoins often takes a backseat. This may cause cryptocurrency investors to change their positions to profit from Bitcoin’s rallies, thus causing the altcoin market to decline.
Recently, Bitcoin has risen rapidly and is currently only a few percent below its record price. Van de Poppe noted that this rise led to a slowdown in the altcoin market. However, van de Poppe’s optimism is that if Bitcoin stabilizes, other cryptocurrencies could also experience a significant increase. In particular, he suggested that as Bitcoin prices stabilized, investors could direct their profits from Bitcoin to altcoins, which could positively affect prices.
“Altcoin market cap is still lagging behind. This is what usually happens when power is surrounded by Bitcoin alone. But once Bitcoin stabilizes, it seems likely that we will have 2x potential on altcoins.”
As can be seen, Van de Poppe remains optimistic that the altcoin market can experience a 2-fold increase once Bitcoin stabilizes. This optimism is based on the assumption that profits from Bitcoin can flow into cryptocurrencies such as Ethereum (ETH), Ripple (XRP) and Cardano (ADA). As a result, the prices of these altcoins seem to benefit from such an entry.
Historically, the performance of altcoins tends to decline when Bitcoin dominates the market. Van de Poppe’s insights sparked controversy within the crypto community; Many investors and enthusiasts are eagerly awaiting the increased activity and profit potential in the altcoin space.
You can follow the current price movement here.
