Crypto Trader Suggests Altcoin Buying Opportunities Approaching, Altcoin Dominance Reaches 2019 Low
Well-known crypto trader and analyst, Michael van de Poppe, took to Twitter to share his thoughts on the altcoin market. According to Poppe, altcoin buying opportunities may soon present 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, suggesting that traders could sell the accumulated altcoins in a year or two.
Many in the crypto community seem to agree with Poppe’s theory, with comments on his post suggesting that altcoin buying opportunities will soon emerge. Some commenters even went so far as to suggest that altcoins only have one direction to move in for the next few weeks: down.
At press time, Bitcoin’s dominance stood at 46.91%, with a 0.01% increase over the past day. CoinMarketCap also indicated that almost all of the top 10 altcoins, excluding XRP and Dogecoin (DOGE), were trading in the red.
Ethereum (ETH), the altcoin leader, was trading at $1,840.54 after a 24-hour loss of 0.29%. ETH’s weekly performance was pushed further into the red because of this, with a 1.35% loss 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), experiencing losses of 1.97% and 0.59%, respectively.
It remains to be seen whether Poppe’s predictions will come true, but traders should always do their own research and due diligence before making any investment decisions. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from actions taken by readers.
In conclusion, the altcoin market may present buying opportunities soon, with altcoin dominance approaching a low last seen in 2019. Poppe suggests that now could be a good time to start accumulating altcoins, with the idea of selling them in a year or two. However, traders should always do their own research and due diligence before making any investment decisions.