- Michaël van de Poppe argues that Bitcoin dominance is likely to peak. Bitcoin (BTC) fell below $ 26,000 on December 29, as the impact of Ripple’s threatening lawsuit was felt in the crypto markets.
Michaël van de Poppe argues that Bitcoin dominance is likely to peak. Bitcoin (BTC) fell below $ 26,000 on December 29, as the impact of Ripple’s threatening lawsuit was felt in the crypto markets.
BTC price dropped as Coinbase stopped trading XRP
Data from Cointelegraph Markets, Coin360 and TradingView showed that BTC / USD reached lows of $ 25,830 during Tuesday trading.
The $ 27,000 support could not be held overnight, leading to a retest of lower levels currently focusing on $ 26,000. Over the weekend, Bitcoin hit its all-time high of $ 28,400 before quickly reversing.
Cointelegraph Markets analyst Michaël van de Poppe summed up Bitcoin’s short-term perspectives in a video update Monday:
“There will be turbulent construction and then it will likely explode again in 2021.”
Analyst preparing for altcoin season
Van de Poppe watches the next altcoins to see big gains. Despite XRP, the market is already showing signs of life, and Ethereum (ETH) has hit over $ 700 this week for the first time since May 2018.
Another winner on Tuesday is Polkadot (DOT), the seventh largest token by market cap, with a weekly performance of about 34% with a daily increase of 22.5%.
According to Van de Poppe, the next “wave of impulses” in Bitcoin in 2021 will push the market to $ 40,000 or $ 50,000, but “by then, altcoins will likely work well.”
December tends to see BTC dominance peak as Bitcoin surpasses $ 20,000 for the first time.