As the year-end approaches, Bitcoin (BTC) has begun trading within a narrow range, maintaining a flat trajectory for nearly six days without the anticipated breakout. Meanwhile, altcoins have seized significant growth opportunities, leaving investors content with the current state of the market.
Bitcoin, while preserving its annual gains, has allowed altcoins the chance to experience notable rallies, with some daily increases exceeding 50%. This shift in momentum comes as Bitcoin’s market dominance has decreased from its peak of 55.3% to 51%, indicating a transfer of investor interest towards altcoins.
The surge in altcoins is not only exciting for current investors but is also attracting new participants to the cryptocurrency markets. This appetite for altcoins, coupled with Bitcoin’s sideways movement, is seen as beneficial for the overall crypto ecosystem.
Michael Poppe, founder of MN Trading and a closely followed crypto commentator, suggests that Bitcoin’s market dominance may have reached its peak, a common occurrence before a halving event. Poppe hints at the start of an altcoin bull market, with Ethereum poised to take the lead.
Poppe also predicts that Ethereum (ETH) could soon reach $3,000, supported by robust demand in derivative markets. The current funding rate, which remains positive, suggests that the market upswing could continue.
Furthermore, there are expectations of new dramatic rises in the wake of ETF approvals. Mignolet from CryptoQuant, in a recent update, indicated that despite rapid price increases, funding rates have stayed within range but are now moving beyond, reflecting a bullish sentiment and anticipation of an upward market movement.