In a recent post on X, cryptocurrency analyst Michael van de Poppe shared his thoughts on the current state of the altcoin market. According to Van de Poppe, the market cap of altcoins is lagging behind, while Bitcoin (BTC) is currently in the spotlight. This phenomenon is most commonly observed when cryptocurrency market strength is primarily driven by Bitcoin.

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Current state of the altcoin market

Van de Poppe points out that the situation in which altcoins are abandoned is not unusual. “The market cap of altcoins is lagging,” he says. Bitcoin has risen sharply in recent days and is now only a few percent below its record price. Bitcoin often tends to determine market trends, and other cryptocurrencies follow suit.

the #Alternative currency Market value is still lagging.

This is what usually happens when power is surrounded by Bitcoin alone.

However, once Bitcoin stabilizes, it seems likely that we will have potential weakness on altcoins in the future. pic.twitter.com/TQuA8sR9DO

— Michael van de Poppe (@CryptoMichNL) February 28, 2024

Despite the current lag in altcoins, Van de Poppe is optimistic about their future. He points out that there is great potential for growth once Bitcoin stabilizes. “Once Bitcoin stabilizes, the market capitalization of altcoins will likely rise two-fold,” Van de Poppe said. This prediction indicates the possibility of doubling the total value of altcoins in the near future.

The assumption here is that profits from Bitcoin flow through altcoins, such as Ethereum (ETH), Ripple (XRP), and Cardano (ADA). The prices of these currencies could benefit from this.

The Dutch analyst was also in the news earlier today. In the current price zone, he is (partially) considering cashing out his profits. This is not crazy. The expectation is that as we get closer to the $69,000 level, the price resistance will increase. Funding rates have also increased significantly, which can also be an indicator of more volatility.