A closely watched crypto trader thinks Ethereum (ETH) and altcoins are about to steal Bitcoin’s (BTC) thunder.
In a new video update, crypto strategist Michaël van de Poppe tells his 162,000 YouTube subscribers that he thinks it’s almost time for Ethereum to shine.
The analyst cites Ethereum’s Dencun update, which aims to lower fees for layer 2 transactions, and the hype surrounding the potential adoption of spot ETH exchange-traded funds (ETFs) as a positive catalyst for the leading smart contract platform .
“I think the momentum will shift to Ether.
Macroeconomic events [that are] is going to take place is important to understand. Macroeconomic events in the sense that inflation will be persistent may postpone the decline in interest rates.
Dencun upgrade takes place on Ether, which positively impacts the layer-2s, pushing Ether’s value even higher and lagging heavily.
And I think given that Franklin [Templeton] is also interested in applying for a spot Ether ETF, I think there is a good chance that the Ether ETF will take over the momentum.”
Earlier this month, global investment giant Franklin Templeton filed with the US Securities and Exchange Commission (SEC) for a spot Ethereum (ETH) exchange-traded fund (ETF).
At the time of writing, Ethereum is worth $2,918, up more than 4% in the past day.
Looking at the rest of the crypto market, Van de Poppe thinks traders will rotate their profits from Bitcoin to altcoins, as he believes the upside for BTC is limited at current levels.
“If the markets correct because Bitcoin corrects, I think Ether will correct less, so that means the Bitcoin pair (ETH/BTC) will rise. If that’s the case, you know for pretty certain reasons that Bitcoin is spiking, which means it’s partially turning toward USDT to use that to buy the dip on altcoins is plus EV (expected value), but also turning toward altcoins already makes a lot of sense.”
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Generated image: Midjourney