Analyst Michaël van de Poppe: Crypto market capitalization is poised to grow to $2,1 trillion
At the same time, the expert believes that bitcoin will experience a period of consolidation
22.01.2024 - 11:47
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The material is not an investment recommendation and is published for informational purposes only
What’s new? Cryptocurrency analyst Michaël van de Poppe believes that the chart, which tracks the total market capitalization of all crypto assets (TOTAL), is preparing for a rally of 25% to $2., trillion. According to the trader, growth is likely to come from altcoins, while bitcoin is expecting a period of consolidation. As of January 22, TOTAL stands at $1,68 trillion (data from the aggregator CoinGecko).
What else is known? Van de Poppe noted that the bitcoin dominance (BTC.D) chart confirms its bullish stance on altcoins. Thus, BTC.D repeats the pattern observed in 2016 and 2020: then it reached a maximum a few months before halving. At the time of writing the news, the share of bitcoin in the crypto market is 47,78%.
Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain, which occurs approximately every four years. Initially, miners received 50 BTC; on November 28, 2012, the number dropped to 25 BTC, on July 9, 2016, to 12,5 BTC, and on May 11, 2020, to 6,25 BTC. In April 2024, the award will be cut to 3,125 BTC.
Van de Poppe believes that altcoins will start growing as soon as BTC reaches the bottom. He believes that before that, the asset’s exchange rate will drop to around $36 000, which would also be a good time to increase investments in the asset.
Crypto market capitalization grew by 108% in a year
At the same time, the average daily trading volume of cryptocurrencies fell by 32%
Earlier, van de Poppe predicted a 90% increase in the rate of the native token of the decentralized Chainlink (LINK) oracle network.
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