Cryptocurrency analyst and trader Michaël van de Poppe thinks the correction in the altcoin market could end just a few weeks into 2025.
In a new video update, Van de Poppe tells According to his 169,000 YouTube subscribers, he expects the TOTAL3 chart to soon witness a bullish reversal on the weekly chart.
The TOTAL3 chart tracks the market capitalization of all crypto assets, excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins.
“If you look at the altcoin markets in the sense that you look at, for example, the TOTAL3, which is the altcoin market cap in USDT valuation, then we have seen a substantial big run at this point that has exceeded the all-time high. And now we are experiencing a very general correction in the markets, where it is very likely that the end of this correction is near. We may continue this correction for one or two more weeks in early January, after which we will go up again.”
He then says that Ethereum vs Bitcoin (ETH/BTC) is starting to show signs of an uptrend, while other alternatives such as the scaling solution Optimism (OP) are experiencing accumulation by investors based on increasing trading volume.
“If we look at the valuations of the altcoins, and if we start looking at most of them, for example at optimism against Bitcoin, we are seeing a lot of volume coming into the actual pairs at the moment, which shows that there is interest at the moment. , which shows that there is accumulation. And since Ethereum is already rallying against Bitcoin, and the rest of the Ethereum ecosystem is currently consolidating or correcting a little bit, there is a gap between the two, and that means the entire ETH ecosystem is still substantially undervalued. ”
OP/BTC is trading at 0.00002051 BTC ($2.01) at the time of writing, up 5.83% in the last 24 hours. Meanwhile, ETH/BTC is trading at 0.03675 BTC ($3,606) at the time of writing, up 3.23% in the last 24 hours.
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Generated image: Midjourney