Esteemed crypto trader and analyst Michael van de Poppe recently took to Twitter to offer his insights on the altcoin market. The seasoned trader suggests that the altcoin market may soon present lucrative buying opportunities, as altcoin dominance is approaching a low yet to be witnessed since 2019. His astute observations serve as a valuable resource for investors seeking to capitalize on the ever-evolving crypto landscape.
According to Poppe, the current market conditions present a favorable opportunity to begin amassing altcoins. He suggests that traders consider the possibility of selling their accumulated altcoins in the next year or two as a potentially profitable move.
Upon perusing the remarks on Poppe’s post, most of the cryptocurrency community concurs with the trader’s hypothesis that altcoin procurement prospects will imminently surface. Certain commentators even went to the extent of asserting that altcoins are poised to descend in the upcoming weeks.
According to CoinMarketCap’s latest report, Bitcoin (BTC) has maintained its dominance in the market, standing at 46.91% at press time. This marks a slight increase of 0.01% over the past 24 hours. However, the report also highlights that most of the top 10 altcoins, except XRP and Dogecoin (DOGE), are experiencing a dip in trading value.
Ethereum (ETH), the reigning altcoin champion, was exchanging hands at $1,840.54, experiencing a minor dip of 0.29% in the last 24 hours. This has further pushed ETH’s weekly performance into negative territory, resulting in a 1.35% decline over the past seven days.
During the past 24 hours, Polygon (MATIC) and Cardano (ADA) have emerged as the biggest underperformers in the top 10. These altcoins have declined by 1.97% and 0.59%, respectively.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
