© Reuters Altcoin Market Close to Buy Opportunity, Says Crypto Trader
- Michael Van de Poppe urges traders to watch for altcoin buying opportunities that may appear soon.
- Altcoin dominance is near the lowest seen in 2019.
- At press time, BTC dominance stands at 46.91%, up 0.01% over the past day.
Well-known cryptocurrency trader and analyst Michael Van de Poppe took to Twitter yesterday to share some of his thoughts on the altcoin market. According to the trader, buying opportunities for altcoins may soon manifest itself as altcoin dominance approaches the lowest level last seen in 2019.
Dominance of market capitalization by others (Source: Twitter)
Poppe also believes that now might be a good time to start accumulating altcoins. The post was concluded by him stating that it might be a good idea for traders to sell the accumulated altcoins later in a year or two.
Looking at some of the comments on Poppe’s post, it seems that most of the cryptocurrency community was inclined to agree with the trader’s theory that altcoin buying opportunities will start coming soon. Some commentators have also gone so far as to say that altcoins have only one direction to move in the next few weeks: down.
CoinMarketCap indicated that Bitcoin (BTC) dominance stood at 46.91%, up 0.01% over the past day. The market-tracking site also noted that almost all of the top 10 coins, with the exception of and (DOGE), were trading in the red.
The altcoin leader (ETH) was trading at $1,840.54 after a 24-hour loss of 0.29%. ETH’s weekly performance has been pushed into the red because of this. Hence, ETH is down by 1.35% over the past seven days.
Meanwhile, among the biggest losers in the top 10 over the past 24 hours were Polygon (MATIC) and (ADA). These altcoins experienced losses of 1.97% and 0.59%, respectively.
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After the Altcoin market neared its buying opportunity, Crypto Trader debuted its Coin Edition.