Bitcoin Halving Impact
After the Bitcoin halving event on April 20th, analyst Michael van de Poppe noticed a shift in the crypto market. Bitcoin’s dominance, which measures its market share, has been declining.
Investors Moving Away from BTC
Data shows that Bitcoin’s dominance has dropped to 55.29%, indicating that investors are diversifying their portfolios into other cryptocurrencies. This shift, referred to as “rotation,” has been gradual but steady.
Altcoin Season Approaching?
Historically, when Bitcoin’s dominance declines, altcoins (smaller cryptocurrencies) tend to perform well. Poppe predicts that an altcoin season may be on the horizon if Bitcoin’s dominance continues to wane.
Analyst’s Strategy
Poppe is taking a long position in anticipation of a potential altcoin rally. He believes that Ethereum’s performance and the possibility of an Ethereum Spot ETF will play a significant role in driving this rally.
