Is Bitcoin Dominance Reaching Its Peak? Analyst Forecasts An Altcoin Takeover In Current Cycle

Bitcoin, the world’s largest cryptocurrency by market capitalization, appears to be still struggling a week after the approval of spot BTC ETFs in the US. While the premier cryptocurrency failed to capitalize on this positive development, the price of Ethereum – the acclaimed king of altcoins – soared to new highs.

Interestingly, cryptocurrency analysts and pundits have been providing commentary on the future trajectory of Bitcoin and in relation to Ethereum and other cryptocurrencies. Michael van de Poppe, a popular crypto analyst on the X platform, has also offered insights into the dominance of BTC.

Is Bitcoin Dominance At Its Peak?

In a recent post on X, Michael van de Poppe put forward a hypothesis concerning the dominance of Bitcoin in the cryptocurrency market. The crypto analyst shared his prediction on the X platform, noting that the BTC Dominance (BTC.D) indicator is nearing its peak before the halving event in April.

Poppe claims that there is historical evidence supporting the peaking of Bitcoin Dominance in the months leading up to the halving. This occurred in 2020 and 2016, and the crypto pundit pointed out that it appears likely to happen in 2024.

Bitcoin

Chart showing BTC Dominance on the weekly timeframe | Source: Michaël van de Poppe/X

Furthermore, Michael van de Poppe mentioned the possibility of altcoins performing better than the flagship cryptocurrency. The analyst said in his post: 

Once Bitcoin bottoms out, I expect altcoins to start outperforming.

With hardly any change in the past day, the Bitcoin Dominance is at 51.11% as of this writing. Since dropping from a high of over 54% due to the decline in Bitcoin price, the BTC.D indicator has been basically moving sideways over the last few days.

As of this writing, the Bitcoin price stands at $41,706, reflecting a mere 0.3% increase in the last 24 hours. It is worth noting that the market leader shed about 2.5% of its value over the past week.

Can Ethereum Lead The Altcoin Charge?

Another cryptocurrency analyst on X with the pseudonym Hedgex expressed a very similar viewpoint regarding Bitcoin Dominance. The popular trader expects the BTC.D indicator to witness “max pain,” but he was quite positive about “Total2,” the cumulative altcoin market capitalization.

The crypto analyst identified Ethereum as the coin that may spearhead an altcoin upswing. Interestingly, Hedgex projected that the Bitcoin price would reach a peak of $100,000, but he thinks the “king of altcoins” has even more upside potential.

The analyst believes Ether has more catalysts, including a potential spot ETF launch in the US, that could propel its price to unprecedented highs. According to Bloomberg expert Eric Balchunas, there is a 70% chance of an Ethereum spot ETF approval in May.

The Ethereum token is currently valued at $2,473, reflecting an almost 10% price growth since the beginning of 2024.

Bitcoin

ETH gains strength against BTC on the daily timeframe | Source: ETHBTC chart on TradingView

Featured image from iStock, chart from TradingView

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