Altcoins
A turning point for the Altcoin market?
- Mt. Gox begins repaying its creditors, returning 142,000 BTC and 143,000 BCH after nearly a decade.
- The success of the Ethereum ETF is crucial for the potential altcoin season and BTC dominance shift.
Michaël van de Poppe, a renowned crypto analyst, recently tweeted that the overall market capitalization of altcoins reached its lowest level after the announcement of the Mt. Gox News.
It highlighted a big rally to the upside and, more importantly, a notable reversal as it tested the longer-term support. If this value continues to rise, it will encounter a formidable opposition zone. If this resistance is broken, a positive rise in the cryptocurrency market will follow.
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Total #Altcoin Market capitalization hit its lowest level on the release of Mt. Gox news.
A strong bounce to the upside, but more importantly, a strong reversal as it tested higher time frame support. pic.twitter.com/UrAS1tFsyk
– Michaël van de Poppe (@CryptoMichNL) July 20, 2024
Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014 after losing about 850,000 Bitcoin due to a cyberattack, has finally started repaying its creditors in July 2024. In total, 142,000 BTC and 143,000 BCH, worth over $9 billion, will be repaid to about 127,000 creditors who have been waiting for over a decade.
Potential Peak of Bitcoin Dominance Depends on Success of Ethereum ETF
In another tweetvan de Poppe posted a chart indicating that Bitcoin dominance could peak if the leading currency faces strong resistance. The question remains whether Bitcoin dominance will peak or increase again.
This outcome depends on the performance of the Ethereum ETF. If BTC dominance decreases, we will see the confirmation of bearish divergence and an increase in altcoins, often called altseason.
Previously, CNF reported A crypto analyst said that technical indicators are changing and the much-awaited altcoin season is just around the corner. However, he also warned that 99% of meme tokens will fail, leading to investors losing money.
On the other hand, as we have already said previously UnderlinesDan Gambardello, founder of Crypto Capital Venture, predicts a huge surge in cryptocurrencies.
This analysis is based on the outcome of Coinbase’s lawsuit against the U.S. Securities and Exchange Commission. The ramifications of this lawsuit are expected to have a substantial impact on market dynamics, potentially triggering a surge in altcoins.
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