Ethereum

Bitcoin

when

April

Spot

A crypto analyst has shed light on the latest trends regarding the <a href="https://bitcoinist.com/is-bitcoin-dominance-reaching-its-peak-analyst/">Bitcoin (BTC) dominance within the crypto market</a>, suggesting a potential shift in investor sentiment as they diversify their portfolios beyond the pioneer cryptocurrency.&nbsp; 
<h2 id="bitcoin-dominance-is-waning">Bitcoin Dominance Is Waning</h2> 
Popular crypto analyst and trader, Michael van de Poppe took to X (formerly Twitter), on Monday, April 22, to <a href="https://x.com/cryptomichnl/status/1782457059671253340?s=46" rel="nofollow" target="_blank">share</a> valuable insights on Bitcoin’s dominance and investors’ sentiment on the cryptocurrency following the halving event.&nbsp; 
<a href="https://www.newsbtc.com/news/bitcoin/fourth-bitcoin-halving-completed/" rel="nofollow noopener" target="_blank">The halving event</a> occurred in the early hours of April 20, cutting the block rewards of miners by 50% and reducing the cryptocurrency’s supply. This previously anticipated event had <a href="https://bitcoinist.com/why-everyones-suddenly-googling-bitcoin-halving/">triggered excitement </a>amongst crypto enthusiasts and investors, as <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-halving-could-catalyzed-100000-price-surge-bitwise-ceo/" rel="nofollow noopener" target="_blank">market analysts predicted a bull run</a> following the event.&nbsp; 
However, the conclusion of the fourth Bitcoin halving cycle failed to <a href="https://bitcoinist.com/crypto-pundit-says-bitcoin-halving-is-a-buy-the-news-event/">produce any profound effect on BTC’s price</a>, particularly when compared to its massive rise to new all-time highs before the halving. During the pre-halving period, <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-whale-217-million-profit-btc-73000/" rel="nofollow noopener" target="_blank">Bitcoin skyrocketed</a> above $75,000 in March, fueled by the surging demand for <a href="https://www.newsbtc.com/bitcoin-news/increased-bitcoin-etf-adoption-propels-btc-dominance-to-highest-level-since-2021/" rel="nofollow noopener" target="_blank">Spot Bitcoin Exchange Traded Funds (ETFs).&nbsp;</a> 
As of writing, the cryptocurrency is trading at a price of $66,205, down by more than $8,000 from its previous all-time high, according to CoinMarketCap.&nbsp; 
Poppe has explained that following the completion of the Bitcoin halving event, the general cryptocurrency market has been experiencing an upward trend. The analyst affirmed that <a href="https://bitcoinist.com/bitcoin-dominance-climbs-above-50/">BTC’s dominance</a> within the crypto market was waning significantly. Additionally, data from TradingView has <a href="https://www.tradingview.com/symbols/BTC.D/" rel="nofollow noopener" target="_blank">shown</a> that Bitcoin’s dominance over the market capitalization is presently 55.29%, reflecting a decrease of 0.26% over the past week.&nbsp; 
This decline in dominance suggests that investors are beginning to <a href="https://bitcoinist.com/leading-exchanges-anticipate-bitcoin-sell-off-before-halving-investors-moving-to-emerging-altcoins/">potentially move away from the popular cryptocurrency</a> to diversify their holdings into other digital assets. Poppe referred to this shift as a “rotation,” highlighting that the movement has started slowly but steadily.&nbsp; 
He shared a price chart of Bitcoin against Tether (USDT) displaying the <a href="https://www.newsbtc.com/bitcoin-news/market-expert-predicts-new-paradigm-for-bitcoin-days-under-100000-numbered/" rel="nofollow noopener" target="_blank">BTC’s price movements </a>from February through April. The crypto analyst predicted a support level, pinpointing $57,000 as the potential bottom if BTC fails to break above $70,300.&nbsp; 
<h2 id="altcoin-season-on-the-horizon">Altcoin Season On The Horizon?</h2> 
The <a href="https://www.newsbtc.com/bitcoin-news/why-bitcoin-dominance-hints-at-a-surprise-altcoin-season-ahead/" rel="nofollow noopener" target="_blank">altcoin season</a> typically occurs when the prices of lesser cryptocurrencies soar significantly higher and outperform Bitcoin. This period usually follows a major decrease in Bitcoin’s dominance in the crypto space.&nbsp; 
“It’s possible we’ll see another altcoin season if Bitcoin’s dominance index continues to wane, shifting investor focus towards altcoins,” a crypto community member <a href="https://x.com/harrytandy/status/1782000666451358101?s=46" rel="nofollow" target="_blank">stated</a>. 
Moreover, Poppe has <a href="https://x.com/cryptomichnl/status/1782473694666756257?s=46" rel="nofollow" target="_blank">declared</a> that “the time for altcoins is on the horizon.” He revealed his strategy of taking a long position in anticipation of this <a href="https://www.newsbtc.com/press-releases/chatgpt-predicts-when-massive-altcoin-rally-will-begin/" rel="nofollow noopener" target="_blank">potential rally</a>, emphasizing that an altcoin bull run would depend on Ethereum’s performance in the market and the possibility of an <a href="https://www.newsbtc.com/news/ethereum/ethereum-to-20000-spot-ethereum-etfs-bull-run/" rel="nofollow noopener" target="_blank">Ethereum Spot ETF.&nbsp;</a> 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/jsjhh4FH/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Crypto Expert Confirms Rotation Has Begun Post-Bitcoin Halving, Are Investors Moving Away From BTC?

विषयसूची

Bitcoinist

23 अप्रैल 2024 को प्रकाशित अन्य लेख

Ronin Network Hits New All-time High as Ethereum Gaming Network Hosts Free ‘Kaidro’ NFT Mint

Ethereum Price Prediction 2024: Will Ethereum Crash to $1,000?

🎉#FBPAY already supports X Layer! Now you can buy $OKB with your #creditcard through FBPAY!

Exploring the Surge in XRP’s Large-Scale Investors

Dogecoin Price Prediction 2024: Can it reach 1$?

Ethereum (ETH) Climbs Back Above $3,000, Massive $70,000 Bitcoin (BTC) Battle Ahead, Cardano (ADA...

रोजाना क्रिप्टो अपडेट पाने के लिए हमारे मुफ्त न्यूजलेटर से जुड़ें!