Bitcoin (BTC) has recorded a new high of $111,980 (approximately 1.556 billion won) and reached a market share of 64.64%, prompting a veteran expert in the cryptocurrency industry to forecast the arrival of the altcoin season.
Cryptocurrency analyst Michael van de Poppe pointed out the sluggish performance of altcoins since the end of 2021. He mentioned the last altcoin season in 2017 when most altcoins surged, and explained that in 2021, new tokens performed more prominently than existing altcoins.
He analyzed that 95% of altcoin returns have already been realized during the past four years when Bitcoin rose to $65,000 (approximately 903.5 million won). Subsequently, altcoins have shown a continuous downward trend and moved away from investors' attention.
Van de Poppe emphasized that the current market cycle is different from previous ones. He analyzed that investors' risk-averse tendency is the main reason for the poor performance of altcoins while the 'Bitcoin season' continues.
Changes in central banks' monetary policies and concerns about economic recession are also affecting the altcoin market. Meanwhile, he explained that substantial development is occurring across the entire cryptocurrency ecosystem, including DeFi.
He analyzed that gold reaching a new high could be a signal of investment sentiment recovery, and the Chinese yuan's strength against the dollar could also increase the possibility of Ethereum rising against Bitcoin.
Van de Poppe judged that the current time is the right moment to buy altcoins. He emphasized that many altcoins are undervalued and have excellent teams, advising to seize investment opportunities before the market fully focuses on them.
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