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Despite breaking through a record high of $4000, Ethereum has retraced its steps over the last 24 hours. The price of the altcoin has increased by about 15.19 percent in the last week, and the market capitalisation has been steadily increasing. Though bitcoin dominated at 42 percent, ETH dominated at 18 percent.
Why are retail traders paying such careful attention to Ethereum’s price movement? The trajectory of this single altcoin has the potential to impact common DeFi tokens, NFTs, and the rest of the alt market.
Michael van de Poppe, a well-known investor and crypto strategist, recently tweeted about his positive outlook on altcoins. No, he’s not referring to the notorious, much-discussed Dogecoin. He mostly emphasised low-cap altcoins that have been doing well but have not gained the fame or attention that the meme-coin has received in recent months.
The trader referenced his bullish ‘Alt-recitals’ in a series of tweets.
I think yes.
— Michaël van de Poppe (@CryptoMichNL) May 5, 2021
The analyst recently tweeted about the 10th largest cryptocurrency; he stated,
“Litecoin broke above the critical resistance zone and is in a bull cycle now. Would be great to have a support/resistance flip and test there. If so, continuation likely to 7700 sats.”
Another influential researcher echoed the altcoin’s optimistic sentiments. “LTC has been trend-following $ETH since mid-2020, and seeing as $ETH has recently rallied to new All-Time Highs… #LTC is likely to follow with fresh All-Time Highs of its own soon.”
Another well-known trader stated:
Many Altcoins are on the cusp of breaking out from market structures that took years to form
— Rekt Capital (@rektcapital) May 10, 2021
Cardano, the 6th largest cryptocurrency, at the time of writing was trading at $1.62. He had tweeted:
“Cardano following the path and is likely going to have a fresh impulse wave soon too.”
According to IntoTheBlock’s results, the share of ADA’s long-term buyers has declined in the last month. Over the same time period, the percentage of traders who owned the commodity for less than a year rose. This could imply one of two things: a) A short-term correction as long-term investors benefit (b) With the alt soaring 650 percent in 2021, ADA hodlers who left the market are expected to return.
At the time of writing, LINK was ranked at the 11th spot according to market capitalization. The analyst had commented:
“Chainlink is breaking a crucial resistance and starts its uptrend as well. The altcoins are slowly waking up.”
Furthermore, a cryptocurrency analytics company recently highlighted another statistic that indicated a bullish pattern for the coin. According to the company, Chainlink’s percent supply owned by the top 1% of addresses has only hit a 1-month low of 84.034 percent. This indicates the Connection is transitioning from big investors to retail traders.
In a youtube video, the veteran commented:
“At least 5x soon for ZIL !! Big news coming in”
Even in a previous tweet dated somewhere in Jan 2021, he had given the same forecast for ZIL. It read:
“Zilliqa is following the plan nicely here. It did make a massive impulse wave and is currently consolidating while reaching the first support zone. I’m expecting more consolidation, but the next run most likely goes towards the all-time high.”
Not so surprising, that the world’s largest altcoin too made it on his list. He wrote a series of tweets with respect to ETH.
Some of them read:
“I still believe #Ethereum will flip #Bitcoin in market capitalization.”