Ethereum

2024

Poope

Reversal

As we enter the final week of June, the altcoin market remains weak. Over the last weekend, the market shed more than $25 billion, with Ethereum (ETH) and other top-ten altcoins dropping between 3-10%. However, analysts believe this could be the last correction before new capital begins flowing back into the altcoin market. 
<h2 id="capital-rotation-into-altcoin-to-begin-soon">Capital Rotation Into Altcoin To Begin Soon</h2> 
Renowned crypto analyst Michael van de Poppe predicts the end of the <a href="https://coingape.com/trending/3-altcoins-to-sell-amid-crypto-market-correction/" target="_blank" rel="noopener">crypto downtrend</a> for altcoins. In his recent tweet, Poppe stated: “The final downtrend weeks for altcoins are ending. Perhaps from the next week, or the week after, the big capital rotation should start”. 
Expressing confidence in his current position on altcoin, Poppe expects the risk-ON period to begin soon in the near future. Analyst van de Poppe stated that the <a href="https://coingape.com/blog/3-altcoins-to-watch-this-month/" target="_blank" rel="noopener">altcoin market</a> is nearing its final stage of decline with investors gearing up for a potential bullish rotation. 
Furthermore, Poppe added that the alt. market is terrible currently since the BTC valuation of several altcoins reached new lows. However, he states that the last time this happened, some of the altcoins rallied as high as 300-500%. 
<blockquote class="twitter-tweet"> 
 This chart explains it all. The <a rel="nofollow" href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoin</a> sentiment is terrible currently, as the BTC valuations of all the altcoins are reaching new lows. 
 The last time this happened:<a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> went +500%<a rel="nofollow" href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a> went +650%<a rel="nofollow" href="https://twitter.com/search?q=%24RNDR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RNDR</a> went +300% 
 This time, altcoins are likely to do the same. <a rel="nofollow" href="https://t.co/KYpzPqwDKV">pic.twitter.com/KYpzPqwDKV</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a rel="nofollow" href="https://twitter.com/CryptoMichNL/status/1804559982064541737?ref_src=twsrc%5Etfw">June 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Analyst van de Poppe further shared an optimistic outlook for alts going ahead. He noted that the alt market cap is still down by 50% since the all-time high back in 2021 with the recent correction pushing it down further by 30%. 
With the correction nearing its end, Poppe expects a potential 100% rally in altcoins that could align with Bitcoin’s trajectory. 
Also Read: <a href="https://coingape.com/eth-price-reversal-soon-as-ethereum-etf-coming-in-two-weeks/" target="_blank" rel="noopener">ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks</a> 
<h2 id="cracks-in-the-crypto-market">Cracks In the Crypto Market</h2> 
Last week, was the second-worst weekly drop in the crypto market for the year 2024 so far. this has been clearly due to the falling demand for Bitcoin ETFs and the uncertain monetary policy. 
As per data compiled by <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-06-24/bitcoin-btc-extends-drop-after-one-of-crypto-s-worst-weeks-of-2024" target="_blank">Bloomberg</a>, the top 100 digital assets corrected 5% last week. These cracks in the crypto market appear amid doubt over Fed’s decision to pivot to rate cuts as interest rates are currently near two-decade highs. 
<figure id="attachment_203918" aria-describedby="caption-attachment-203918" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-203918" src="https://coingape.com/wp-content/uploads/2024/06/Altcoin-market-performance.jpg" alt="" width="620" height="349" srcset="https://coingape.com/wp-content/uploads/2024/06/Altcoin-market-performance.jpg 620w, https://coingape.com/wp-content/uploads/2024/06/Altcoin-market-performance-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/06/Altcoin-market-performance-150x84.jpg 150w" sizes="(max-width: 620px) 100vw, 620px">
 <figcaption id="caption-attachment-203918" class="wp-caption-text">
 Courtesy: Bloomberg
 </figcaption>
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The post <a href="https://coingape.com/big-capital-rotation-into-altcoins-to-begin-in-two-weeks-predicts-analyst/">Major Capital Shift to Altcoins Coming in Two Weeks, Predicts Analyst</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Major Capital Shift to Altcoins Coming in Two Weeks, Predicts Analyst

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Coingape News Media

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