A closely followed crypto market analyst is examining altcoin markets that are trading against Bitcoin (BTC). Crypto analyst Michael van de Poppe stated on social media platform X that altcoins have experienced a significant decline in their position against BTC.
Analyst’s Commentary on Altcoins
Altcoin markets have consolidated recently, yet crypto analyst Michael Van de Poppe notes that altcoins still have room to grow. The analyst commented on the matter saying:
Altcoins have seen a 50-70% drop in Bitcoin transactions. This situation is a real opportunity to position yourself among them. A correction in altcoin market value has been observed, leading to a decrease in buying opportunities. However, looking at the bigger picture, there isn’t a major correction, and there’s still a long way to go…
Focusing on the altcoin Polkadot (DOT), Michael Van de Poppe suggests that the interoperability chain has a high chance of encountering BTC in the upcoming months. He stated:
Polkadot is still in a low cycle against BTC parity. With Bitcoin’s rise to prominence, altcoins have lost value against it in the previous period. This situation is likely to reverse in the coming months.
Expert Opinion on ETH
DOT, at the time of writing, had experienced a 10% drop over the past week, valued at 0.00013 BTC ($8.60). Shifting focus to Ethereum (ETH), the crypto analyst believes that ETH is ready to rise regardless of investors’ fear, uncertainty, and doubt (FUD), and further explained:
Ethereum is facing a low cycle at the 0.049 BTC ($3,311) support level. It’s one of the two areas I’m very interested in going long. Despite the FUD, a turnaround towards Ethereum is likely to begin.
In conclusion, crypto analyst Michael van de Poppe emphasized that despite the decline in altcoin markets trading against Bitcoin, there is still potential for growth in altcoins. He suggested that Polkadot’s chances of encountering Bitcoin could increase in the upcoming months.
