A closely followed crypto trader believes that Ethereum (ETH) and altcoins are about to steal Bitcoin’s (BTC) thunder.
In a new video update, crypto strategist Michaël van de Poppe tells his 162,000 YouTube subscribers that he thinks it is almost time for Ethereum to shine.
The analyst mentions Ethereum’s Dencun update, which aims to reduce the fees for layer-2 transactions, and the hype surrounding the possible approval of spot ETH exchange-traded funds (ETFs) as positive catalysts for the leading smart contract platform.
“I think the momentum is going to switch toward Ether.
Macroeconomic events [that are] going to take place are important to understand. Macroeconomic events in the sense that inflation is going to be sticky, perhaps they postpone the decline of the interest rates.
Dencun upgrade is happening on Ether which is a positive influence on the layer-2s, which is pushing the value of Ether even further up and it has been lagging heavily.
And I think given that Franklin [Templeton] is also interested in doing an application for a spot Ether ETF, I think there is a likelihood that the Ether ETF is going to take over the momentum.”
Earlier this month, global investment giant Franklin Templeton submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot market Ethereum (ETH) exchange-traded fund (ETF).
At time of writing, Ethereum is worth $2,918, up over 4% in the past day.
Looking at the rest of the crypto market, Van de Poppe thinks that traders will rotate their gains from Bitcoin to altcoins as he believes the upside for BTC is limited at current levels.
“If the markets correct because Bitcoin corrects, I think Ether is going to correct less so that means that the Bitcoin pair (ETH/BTC) goes up. If that’s the case, you know for quite sure reasons that Bitcoin is topping out, which means rotating toward USDT partially to use that to buy the dip on altcoins is plus EV (expected value) but also rotating toward altcoins already makes a lot of sense.”
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- Source: https://dailyhodl.com/2024/02/19/analyst-says-momentum-is-going-to-switch-to-ethereum-predicts-capital-rotation-to-altcoins/
