Hey there, BTC enthusiasts! ๐ While Bitcoin is chilling around 10% shy of its all-time high, altcoins seem to be on a rollercoaster ride, wiping out gains from the March rally. ๐ข
Market analyst Michaรซl van de Poppe has shed some light on this altcoin bearishness. First off, Ethereum, the altcoin market leader, has dipped 10% since May-end. Uncertainty looms over Ethereum exchange-traded funds (ETFs) which, although approved, are yet to be listed for trading. If launched soon, these ETFs could give altcoins a much-needed boost, as ETH would be considered a commodity, not a security. ๐
Another factor is the US economic data and high inflation, which prevents the Federal Reserve from cutting rates. Altcoins thrive when there's quantitative easing and low interest rates, as global economic liquidity increases. ๐ธ
But don't lose heart, folks! Bitcoin dominance, currently high at 55.4%, is also a significant factor. With the Ethereum ETF likely to be listed soon, a shift in this dominance level is expected. Crypto trader 'cyclop' suggests that if past cycles repeat, now might be the last chance to buy the dip before altcoins go parabolic. ๐
So, while the total market cap remains steady at $2.54 trillion, Bitcoin is still in its range-bound channel, and most altcoins continue to decline. But remember, every cloud has a silver lining! ๐ค๏ธ Stay tuned for more updates!