It has been just revealed that Bitcoin is the winner in terms of dominance in the crypto space. Check out the latest reports about this below.
Bitcoin sees massive dominance in the crypto space
According to a popular cryptocurrency analyst, the total value of all cryptocurrencies is expected to rise in the near future, despite a few challenges that need to be addressed.
The crypto trader, Michaël van de Poppe, has shared with his followers on X social media platform that the market capitalization of cryptocurrency is facing a similar hindrance to what the top cryptocurrency, Bitcoin (BTC), experienced when it reached $38,000.
“The total market capitalization for crypto faces the same hurdle as Bitcoin did at $38,000.
Breaking above $1.6 trillion is breaking back in the area prior to the Luna Crash.
This would mean targets are $1.85 trillion and $2.2 trillion, which are inevitable.
Upwards trend is clear.”
The analyst also explained what he’s learned from trading crypto in recent times, offering some advice on how to take lessons learned in the market and apply them moving forward.
“What I’ve learned over the period in crypto
You can fail with your investments, but it doesn’t mean you’re a failure.
You can fail in building a company, but it doesn’t mean you’re not an entrepreneur.
If things don’t succeed, you learn, improve, and move on…
In these months; consume as much time learning about market cycles, altcoin movements, the money flow in crypto and what correlations do within a bull cycle.
You’ll need this information in 2024 and 2025 to maximize your returns.”
According to Van de Poppe, who is analyzing the leading cryptocurrency by market cap, Bitcoin may have reached its peak dominance over the market.
He believes that there is a possibility of a decline in the dominance of Bitcoin.
Although the momentum is currently in favor of Bitcoin due to the ETF approval, Ethereum may also receive a Spot ETF. Therefore, it makes sense to invest in the Ethereum ecosystem with a significant allocation. As of now, Bitcoin is valued at $43,726.
