Michael van de Poppe, a cryptocurrency analyst and trader, believes that the correction of altcoins could be over in a few weeks.
Van de Poppe, in a video update to his 169,000 subscribers on YouTube, says that the TOTAL3 weekly chart will soon see a positive reversal.
This chart shows the total market cap of all crypto-assets, excluding Bitcoin (BTC), Ethereum(ETH) and Stablecoins.
When you consider the altcoins in terms of the TOTAL3, which represents the altcoins market capital in USDT, you will see that we have seen an impressive big run, crossing over the record high. We’re now experiencing a general market correction, and it is likely that we are nearing the end. We may have a few more weeks in January of the correction. Then we will rotate up .”
He also says that Ethereum against Bitcoin is beginning to exhibit signs of an upward trend, while alts such as scaling solution Optimism are seeing investors accumulate based on increased trading volumes.
The volume of Optimism versus Bitcoin is showing that interest is growing, and that the accumulation is taking place. As Ethereum is climbing up against Bitcoin, while the Ethereum ecosystem as a whole is consolidating, or correcting a bit, the gap between them is telling us that the ETH ecosystem in its entirety is undervalued .”
OP/BTC trades for 0.00002051 BTC (2.01 USD) at the time of this writing. This is an increase of 5.83% over the past 24 hours. ETH/BTC, on the other hand, is currently trading at 0.03675 BTC (3,606), an increase of 3.23% over the past 24 hours.
Do not miss a beat – Get email alerts sent directly to your mailbox Surf the ICD mix Follow us on @InvCryptoDaily X
Sources of Images include Pixabay Creative Commons & Midjourney
The post Altcoins Near the End of Market Correction According to Michael van de Poppe, Here is His Timeline could be updated as new information becomes available.
This site is for entertainment only. Click here to read more
