The altcoin market has experienced a varied performance year-to-date (YTD), while Bitcoin grapples with an increasingly bearish outlook. Over the past few months, meme coins, notably Pepe (PEPE) and WOJAK, have surged and plunged, heightening concerns about a potential crypto market collapse.
However, unlike Bitcoin, most altcoins have failed to match or surpass the gains recorded since the start of the year. Furthermore, the altcoin market is renowned for its higher volatility compared to Bitcoin, drawing the attention of crypto traders who seek to maximize their profit margins relative to Bitcoin.
When To Mark A Profitable Entry
In a recent macro analysis YouTube video, Poppe shared insights on the ideal moment to enter the altcoin market for potential future gains. As the United States grapples with an ongoing debt crisis, coupled with the Federal Reserve’s decision to raise interest rates, Poppe highlighted the significance of studying Bitcoin’s dominance and its overall outlook as a key to understanding the altcoin market.
Poppe emphasized that a decrease in Bitcoin dominance from its current level of approximately 48 percent could lead to more altcoins gaining traction.
The analyst further pointed out that the ETH/BTC chart has shown consolidation since the start of the year, implying that altcoin traders can exercise patience and await a breakout in this pair.
Altcoin Rebound Awaits
Meanwhile, the total market capitalization of altcoins is well supported by weekly moving averages, providing a favorable backdrop for a potential rebound. The analyst predicts that altcoins such as PEPE will rally once a strong support level is established and recent highs are surpassed.
Speculation and Market Outlook
The altcoin industry remains highly speculative, with its performance heavily influenced by overall market sentiment.
Currently, Litecoin stands out as one of the top altcoins with significant potential for a rally in the upcoming months, driven in part by the forthcoming halving event scheduled for early August.