A widely followed crypto analyst says that the total crypto market cap is on its way up, even if a few hurdles still stand in its way.
Crypto trader Michaël van de Poppe tells his 677,900 followers on the social media platform X that crypto’s market cap is facing an obstacle similar to what top crypto by market cap Bitcoin (BTC) saw at $38,000.
“The total market capitalization for crypto faces the same hurdle as Bitcoin did at $38,000.
Breaking above $1.6 trillion is breaking back in the area prior to the Luna Crash.
This would mean targets are $1.85 trillion and $2.2 trillion, which are inevitable.
Upwards trend is clear.”
Before diving into BTC, Van de Poppe shares what he’s learned from trading crypto in recent times, offering some advice on how to take lessons learned in the market and apply them moving forward.
“What I’ve learned over the period in crypto
You can fail with your investments, but it doesn’t mean you’re a failure.
You can fail in building a company, but it doesn’t mean you’re not an entrepreneur.
If things don’t succeed, you learn, improve, and move on…
In these months; consume as much time learning about market cycles, altcoin movements, the money flow in crypto and what correlations do within a bull cycle.
You’ll need this information in 2024 and 2025 to maximize your returns.”
Looking directly at leading crypto by market cap BTC, Van de Poppe says the crypto king may be reaching its peak dominance over the market.
“I sincerely believe we’re facing a top on the Bitcoin dominance.
Currently, the momentum is skewed surrounding Bitcoin and the ETF (exchange-traded fund) approval, but Ethereum might also get a Spot ETF.
Positioning yourself with a large allocation towards the Ethereum ecosystem makes sense.”
BTC is worth $43,726 at time of writing, up 3% in the last week.
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The post Crypto Analyst Breaks Down Total Crypto Market Cap, Says Bitcoin (BTC) Seeing a Top in Dominance appeared first on The Daily Hodl.