Bitcoin Struggles as Ethereum Soars
Despite the recent approval of spot BTC ETFs in the US, Bitcoin, the largest cryptocurrency, is still facing challenges. On the other hand, Ethereum, considered the king of altcoins, has seen a significant price increase.
Bitcoin Dominance Reaching Its Peak?
Crypto analyst Michael van de Poppe believes that Bitcoin Dominance (BTC.D) is nearing its peak before the halving event in April. He points to historical evidence from 2020 and 2016 to support his prediction that this will occur again in 2024.
Van de Poppe also suggests that altcoins may outperform Bitcoin once it reaches its bottom. Currently, Bitcoin Dominance stands at 51.11% and has been relatively stable over the past few days.
Ethereum Leading the Altcoin Charge?
Another crypto analyst on X, known as Hedgex, shares a similar view on Bitcoin Dominance. They expect BTC.D to experience “max pain,” but are optimistic about the cumulative altcoin market capitalization.
Hedgex identifies Ethereum as the coin that could lead an altcoin upswing. They believe Ether has more catalysts, including a potential spot ETF launch in the US, which could drive its price to new highs. Bloomberg expert Eric Balchunas predicts a 70% chance of an Ethereum spot ETF approval in May.
Currently, Ethereum is valued at $2,473 with nearly 10% growth since the beginning of 2024.
Hot Take: The Future of Bitcoin and Ethereum
While Bitcoin struggles to make significant gains following the approval of spot BTC ETFs, Ethereum seems to be on an upward trajectory. Crypto analysts like Michael van de Poppe and Hedgex believe that Bitcoin Dominance may be reaching its peak, potentially paving the way for altcoins to outperform. They both see Ethereum as a leading candidate in this altcoin surge, with the potential for significant price growth driven by catalysts such as a spot ETF approval in the US. As the cryptocurrency market continues to evolve, it will be interesting to see how Bitcoin and Ethereum fare in the coming months.
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