Bitcoin’s Dominance Expected to Continue
A well-known trader, Jacob Canfield, predicts that Bitcoin will maintain its dominance in the crypto market until the approval of a BTC spot ETF. During this time, Bitcoin could potentially reach a price range of $48-$50k. On the other hand, Ethereum is expected to trail behind Bitcoin until the ETF announcement.
Altcoins Set to Rise
Once Bitcoin’s dominance dips, altcoins are expected to rise. Canfield highlights increased activity in Layer 1 coins, AI tokens, and gaming-related projects during periods of consolidation for Bitcoin. He believes this is just the beginning of a massive altcoin rally. However, he advises focusing on projects that align with Bitcoin’s trends for now.
Ethereum’s Influence on Altcoin Prices
Ethereum plays a significant role in determining altcoin prices due to growing institutional interest. As most altcoin projects are based on Ethereum, when the price of ETH increases, these altcoins typically follow suit. The rising institutional holdings of Ethereum have intensified attention on ETH’s price movements.
Hot Take: Bitcoin Leads the Way
Jacob Canfield predicts that Bitcoin will continue to lead the crypto market until the approval of a BTC spot ETF. Ethereum is expected to trail behind until then. Altcoins are set to rise after a break in Bitcoin’s dominance, with increased activity in Layer 1 coins, AI tokens, and gaming-related projects. It is important to focus on projects that align with Bitcoin’s trends for now. Ethereum’s influence on altcoin prices is significant due to growing institutional interest.
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