Altcoin Market Approaching Buying Opportunity, Says Crypto Trader
- Altcoin dominance is approaching a low that was last seen in 2019.
- At press time, BTC’s dominance stood at 46.91%, which was a 0.01% increase throughout the past day.
The well-known crypto trader and analyst Michael van de Poppe took to Twitter yesterday to share some of his thoughts on the altcoin market. According to the trader, altcoin buying opportunities may soon show themselves as altcoin dominance is approaching a low last seen in 2019.
Poppe also believes that now could be a good time to start accumulating altcoins. The post was concluded by him mentioning that it could be a good idea for traders to later sell the accumulated altcoins in a year or two.
Looking at some of the comments on Poppe’s post, it seems like most of the crypto community was inclined to agree with the trader’s theory that altcoin buying opportunities will soon begin to emerge. Some commenters also went as far as to say that altcoins only have one direction to move in for the next few weeks: down.
CoinMarketCap indicated that at press time, Bitcoin’s (BTC) dominance stood at 46.91%, which was a 0.01% increase throughout the past day. The market tracking website also indicated that almost all of the top 10 altcoins, excluding XRP and Dogecoin (DOGE), were trading in the red.
The altcoin leader, Ethereum (ETH), was trading hands at $1,840.54 after a 24-hour loss of 0.29%. ETH’s weekly performance was pushed even further into the red because of this. Consequently, ETH was down 1.35% over the past seven days.
Meanwhile, some of the biggest losers in the top 10 over the last 24 hours were Polygon (MATIC) and Cardano (ADA). These altcoins experienced losses of 1.97% and 0.59% respectively.
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