Top analyst says now is the last chance to buy altcoins at 70 percent discount
The post Top analyst says now is the last chance to buy altcoins at 70 percent discount appeared first on Coinpedia Fintech News
Cryptocurrency analyst Michaël van de Poppe took to his latest video and explained why now is the best time to buy altcoins while they are still cheap. He said that many people find it hard to buy altcoins during a downtrend, but this is actually the easiest time to make a plan and invest. Currently, altcoins are undervalued and consolidating, and he expects them to rise soon. He added that while it may seem risky to buy during a downtrend, this is when the best financial opportunities arise.
The analyst discussed the expected impact of the Ethereum ETF on the markets. He noted that prior to the Bitcoin ETF launch, Bitcoin’s price surged from $25K to $45K, then corrected to $37K, and after the ETF was listed, Bitcoin’s price jumped to $73K. Similarly, he expects Ethereum to reach new all-time highs following the approval of its ETF, which is anticipated by late June or July.
He stated that Bitcoin is often overvalued compared to Ethereum and vice versa. It’s crucial to watch the charts of various coins against Ether or Bitcoin. Solana, for example, has been stable since the start of the year, while Ethereum has seen slight gains compared to Solana, which has declined against Bitcoin.
In 2023, Solana performed well, drawing funds from the Ethereum ecosystem due to traders seeking high returns. This success extended to other tokens in the Solana ecosystem, like Render, which grew significantly before stabilizing. Similarly, AI tokens like Fetch saw substantial returns but are now losing momentum, just like Solana.
Arbitrum and Optimism have suffered major declines since Bitcoin’s ETF listing, down 73% and over 60%, respectively. If Bitcoin remains stable and Ethereum’s momentum increases, a rotation back to the Ethereum ecosystem could occur.
