Is Altcoin Season Imminent?

While Bitcoin dominates the crypto markets, investors’ attention is also on the altcoin market movements. Especially in some periods when Bitcoin is stagnant, funds can be seen in the market with a rapid rise in other crypto assets by shifting to the altcoin market. In addition, the recent activity in the meme coin market has led to serious increases in demand for crypto assets in this sector, especially PEPE.

Michaël van de Poppe, who stands out with crypto analysts, shared his latest views on the altcoin market in the video he published on YouTube. Poppe emphasized the importance of tracking Bitcoin dominance and the overall status of the largest cryptocurrency as a critical factor in successfully assessing the altcoin market.

In addition, the analyst thinks that Bitcoin should be watched closely while the current global issues, the US debt crisis and the Fed’s interest rate decision are on the agenda. BTC dominance is currently below the 48% level. Poppe predicted that if the dominance decline that started in April continues, the altcoin market could outperform BTC in the coming days.

The analyst also points to the ETH/BTC parity as another criterion to follow. As the largest altcoin, Ethereum is seen as an important trigger for the movement of the rest of the market due to its power in driving the market. While Michaël van de Poppe emphasizes that ETH/BTC continues its consolidation in 2023, Poppe thinks that altcoin investors should wait for a break in this parity to buy.

On the other hand, Poppe, who also conveyed his views on the altcoin market value, emphasizes that the total value continues to be supported by weekly moving averages and a basis for a possible recovery has begun to form.