Altcoins
Top Cryptocurrency Trader Gives Up His Entire Bitcoin Portfolio to Buy Altcoins, But Should You Take This “Huge” Risk
May 17, 2024 6:20 a.m. | 2 minutes of reading
Prominent cryptocurrency trader Michael van de Poppe stunned the market after revealing that it had abandoned all its Bitcoin (CRYPTO: BTC) holdings in favor of altcoins.
What happened: Known for sharing valuable information regarding cryptocurrency portfolios and selecting assets to invest, Van De Poppe revealed in an X article: “I sold all my Bitcoins.”
I sold all my #Bitcoin
Yes I did it. I haven’t lost confidence in Bitcoin, I don’t expect Bitcoin to be on top for this cycle. I don’t completely believe in gold.
I sold all my Bitcoins.
In this long book I will explain why I did this and what I did with it…
The big move was not driven by King Crypto’s price weakness over the past month, but rather Van De Poppe remarked: “I have not lost confidence in Bitcoin, I don’t expect that Bitcoin is at the top for this cycle. I don’t completely believe in gold.
Michael van de Poppe did not immediately respond to by Benzinga request for comment.
The analyst said he was taking an opposite stance from most market traders who have shifted their capital from altcoins to Bitcoin, betting on the latter’s continued rise.
He emphasized that the current cycle would be the last to make money from altcoins, which he believes should see an advantage. As a result, he chose to acquire currently undervalued altcoins, so he could use them to buy more Bitcoins when their prices spike.
However, the analyst added a caveat that the downside risk was “huge” as he was already down 20% across the portfolio when he published this on X.
Why is this important: Bitcoin’s dominance over the rest of the market has increased this year, from 50% at the start to 54.18% at the time of writing, according to CoinMarketCap
Bitcoin benefited greatly from the launch of spot ETFs this year, while other assets like Ethereum (CRYPTO: ETH) to have underperformed in comparison.
Another Reputable Cryptocurrency Analyst Kevin also noted a substantial capital rotation from altcoins to Bitcoin in the current cycle
#Altcoin holders capitulate #BTC just as we expected with the current rise of dominance. This is overall very very bullish because it proves to us that we are entering phase 3 of the bull market. I still need more data, but it looks really good right now.
– Kevin (@Kev_Capital_TA) May 16, 2024
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Price Action: At the time of writing, Bitcoin was trading at $66,333.56, up 0.05% over the past 24 hours, according to data from Benzinga Pro.
Read next: Michael Saylor says Wall Street and Congress want Bitcoin – but what about Joe Biden
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