As a researcher with several years of experience in the crypto market, I’ve witnessed numerous ups and downs, corrections, and bull runs. The current state of the altcoin market, with its significant losses over the past weekend, is not unfamiliar to me. However, I find the analysis from renowned crypto analyst Michael van de Poppe particularly intriguing.
As an analyst, I’ve observed that the altcoin market has displayed signs of weakness as we approach the last week of June. Over the past weekend, the total altcoin market experienced a significant decline, shedding approximately $25 billion in value. Notably, Ethereum (ETH) and other top-ten altcoins suffered losses ranging from 3% to 10%. However, predictions suggest that this correction might represent the final one before fresh capital inflows into the altcoin market resume.
Capital Rotation Into Altcoin To Begin Soon
Expert analysis by cryptocurrency specialist Michael van de Poppe indicates that the extended slump in altcoin values is drawing to a close. According to his latest tweet, “The last few weeks of decline for altcoins are winding down. It’s possible that starting from next week, or perhaps the following one, substantial capital shifts may occur.”
Poppe, the analyst, is certain that the current bearish trend in altcoins will soon give way to a bullish phase. He believes that the risk-on period, which involves taking on greater investment risks, is about to start imminently. Additionally, investors are reportedly preparing themselves for this anticipated shift in market sentiment towards altcoins.
Poppe further commented that the altcoin market has been poor lately, with the bitcoin values of several altcoins hitting new lows. Nevertheless, he noted that during previous occurrences, certain altcoins experienced significant rallies, reaching as high as 300-500% in value.
The feeling towards alternative coins is quite negative at the moment, with their Bitcoin values hitting record lows. This chart encapsulates the situation.
The last time this happened:$SOL went +500%$FET went +650%$RNDR went +300%
This time, altcoins are likely to do the same.
— Michaël van de Poppe (@CryptoMichNL) June 22, 2024
The analyst from Poop Industries expressed a positive perspective regarding altcoins moving forward. He pointed out that the total value of the altcoin market is currently 50% lower than its peak in 2021, and the latest correction has caused an additional decrease of around 30%.
As Poppe notes, the anticipated correction in the market is nearly over, potentially leading to a significant 100% surge in altcoins, mirroring Bitcoin’s upward trend.
Cracks In the Crypto Market
Last week marked one of the second-worst weekly declines in the cryptocurrency market during the year 2024. This downturn can be attributed to the waning demand for Bitcoin Exchange-Traded Funds (ETFs) and the ambiguous monetary policies that continue to cast uncertainty over the market. As a researcher, I have observed these trends closely and believe they significantly contributed to the recent market slump.
According to Bloomberg’s data, the value of the top 100 digital assets decreased by 5% during the previous week. These losses in the cryptocurrency market occur as investors express uncertainty regarding the Federal Reserve’s potential shift towards reducing interest rates, with current rates being close to their highest levels over the past two decades.
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2024-06-24 08:52