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Cryptocurrency analyst, Michael van de Poppe has alerted the broader cryptocurrency community about an upcoming altcoin rally. The analyst has cited the recent upward trend experienced by Bitcoin as a positive signal for this prediction.
Get Ready For Major Altcoin Run
In a recent X (formerly Twitter) post, Poppe suggested that altcoins are poised to become the next in line for the 2024 bullish momentum. Citing Bitcoin’s recent upward surge to over $60,000, the crypto analyst has disclosed that this substantial price increase is a clear signal for a potential altcoin rally in the market.
He predicts that during this potential altcoin run, major cryptocurrencies may experience substantial surges that could potentially push their prices far above their previous all-time highs. In light of this, the crypto analyst has advised the broader cryptocurrency community to remain vigilant and make necessary preparations for this anticipated bullish event.
Lately, market sentiment has been indicating a shift from Bitcoin investments to meme coins and other major altcoins. Just last week, a Solana-based memecoin, Dogwifhat (WIF) experienced a massive surge, propelling its price to $1 and boasting a year-to-year gain of over 90%.
Furthermore, popular altcoins like Solana and Cardano have witnessed significant price increases and growth in their respective markets. On March 1, Solana’s price surged to two-year highs, skyrocketing above $136. Conversely, Cardano recorded a boost in its adoption rate, with the total number of Cardano wallets in the ecosystem approaching 4.6 million.
These subtle developments are indicating a potential shift in the market dynamics of altcoins, as an increasing number of cryptocurrencies are beginning to mirror Bitcoin’s bullish momentum.
Altcoins Gearing To Pump
A crypto analyst, identified as “Dami Defi” on X has disclosed that recent market trends are signaling that “altcoins are getting ready to pump.”
Dami Defi’s predictions are anchored in the diminishing dominance of Bitcoin in the cryptocurrency market. He explained that when the market capitalization of the entire crypto market is on the rise and simultaneously, Bitcoin’s dominance decreases, it often signals a healthy and widespread bull market in the crypto space.
According to the analyst, this scenario implies that the market’s growth is not solely focused on Bitcoin but would also potentially be distributed across various altcoins. He has revealed that despite Bitcoin’s recent price rally, the cryptocurrency has been experiencing notable outflows, with a substantial portion of these funds moving into altcoins.
“If we continue to see BTC dominance go down and total 3 resistance gets broken, all hell will break lose and altcoins will pump crazy,” Dami Defi stated.
Altcoins market cap at $1.08 trillion | Source: Crypto Total Marekt Cap Exclusing BTC
Featured image from Coinpedia, chart from Tradingview.com
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