Crypto Analyst Breaks Down Total Crypto Market Cap and Says Bitcoin (BTC) Sees Peak Dominance
A widely followed crypto analyst says the crypto market's total capitalization is on the way up, although there are still some hurdles in the way.
Crypto trader Michaël van de Poppe tells his 677,900 followers on the social media platform
“The total market cap for crypto faces the same hurdle as Bitcoin at $38,000.
A break above $1.6 trillion will mean a decline to pre-Luna crash territory.
That would mean the targets are $1.85 trillion and $2.2 trillion, which is inevitable.
The upward trend is clear.”
Source: Michael van de Poppe/X
Before diving into BTC, Van de Poppe shares what he has recently learned from trading cryptocurrencies and offers some advice on how to take the lessons learned in the market and apply them in the future.
“What I have learned in crypto over time
You may fail with your investments, but that doesn't mean you're a failure.
You may fail at building a business, but that doesn't mean you're not an entrepreneur.
If something doesn't work out, you learn, improve and move on…
During these months; Take the same amount of time to learn about market cycles, altcoin movements, the flow of money into cryptocurrencies, and the connections within a bull cycle.
You will need this information in 2024 and 2025 to maximize your returns.”
Looking at BTC, which leads by market capitalization, Van de Poppe says the crypto king may be reaching its peak dominance over the market.
“I strongly believe that we are facing a peak of Bitcoin dominance.
Currently, the dynamics surrounding Bitcoin and exchange-traded fund (ETF) approval are skewed, but Ethereum could also get a spot ETF.
It makes sense to position yourself with a large allocation towards the Ethereum ecosystem.”
At the time of writing, BTC is worth $43,726, up 3% over the last week.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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