On April 22, 2024 at 9:43 PM, cryptocurrency analyst Michael van de Poppe shared his insights on the recent developments in the market for Bitcoin (CRYPTO: BTC). According to van de Poppe, the Bitcoin halving has concluded and a market upswing is predicted.
Van de Poppe noted on X that Bitcoin dominance is declining, signaling the beginning of a market rotation. This comes amid intense speculation about the future of the cryptocurrency market, with trader WazzCrypto highlighting high levels of greed and overvaluation.
The market appears to be on the verge of a significant shift, as Bitcoin’s dominance has remained at 54% of the total cryptocurrency market capitalization in the last seven days, while Ethereum (CRYPTO: ETH) stands at 16%, according to CoinMarketCap.
The recent halving is also expected to have a significant impact on Bitcoin miners, with production costs set to nearly double in the near future.
In the midst of this, analyst DonAlt predicts fresh highs for Bitcoin or a potential decline. The market is also watching closely as Bitcoin’s price has risen by 0.31% in the last 24 hours and 5.66% in the past seven days, currently trading at $67,063. Ethereum is also showing an increase of 2.02% in the last 24 hours and 3.95% in the past seven days, with a current trading price of $3,218.
The article also mentions the recent surge in attention around Shiba Inu, as the “Shiba Inu Army” cheers for a 172% increase in burn rate and a rebound in price.
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