Crypto Market Update: Altcoins Poised for a 100% Rally, Analyst Michael van de Pop Foresees

In the past week, the crypto market, excluding Bitcoin, has shrunk by 3%, and in the last month, it's down by almost 10%.

The crypto market, excluding Bitcoin, has seen a capital rotation away from altcoins in recent times. This trend is evident in the decreasing Bitcoin valuations of various altcoins, which are reaching new lows.

However, some analysts believe that this downturn could be setting the stage for the last correction before new capital re-enters the altcoin market.

One such analyst, Michael van de Pop, is optimistic about the future of altcoins. He points to the fact that the alt market cap is still 50% below its all-time high from 2021, and the recent correction has seen an additional 30% decline.

As the correction nears its end, van de Poppe anticipates a potential 100% rally in altcoins, mirroring Bitcoin's trajectory.

This capital rotation into altcoins is also supported by other indicators. For instance, the Fear and Greed Index, which measures market sentiment towards cryptocurrencies, is currently in the ‘Extreme Fear’ zone.

This suggests that investors are pessimistic about the crypto market, which could be presenting an opportunity for those looking to accumulate altcoins at lower prices.

Furthermore, the total crypto market cap has been largely flat over the past week, indicating a consolidation phase. This could be setting the stage for the next leg up in altcoins, as capital flows back into the market.

Overall, while the crypto market has seen a capital rotation away from altcoins in recent times, some analysts are optimistic about the future of altcoins. They point to indicators such as decreasing altcoin valuations relative to Bitcoin, a Fear and Greed Index in the ‘Extreme Fear’ zone, and a consolidating total crypto market cap, suggesting that altcoins could be poised for a 100% rally as capital flows back into the market.

News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-market-update-altcoins-poised-rally-analyst-michael-van-de-pop-foresees.html

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