Pick up some of the altcoins, and nothing is left to wonder—they could eventually navigate to a stronger bull run. ETH has retraced to $3,544.92 amid speculation that its ETF applications will get rejected. However, there is a chance that it will rebound in the years to come. SOL has climbed the ladder in the last 24 hours by 0.66%, and DOGE is looking to declare a phase of correction to accumulate.
The focus is more on how Bitcoin Halving could potentially trigger their rise after its conclusion.
How will BTC Halving impact altcoins’ performance?
Bitcoin halving pertains to reducing the number of tokens in supply, making them rate, and causing a surge in their price. It additionally brings down the Bitcoin mining rewards to make sure that mining activity is well within the boundaries. While it is clear that rarity helps BTC, analysts believe that it could also help altcoins gain attention in the market.
There are two ways in which the crypto market can be looked at. One, the price of BTC will prevent the token from getting into everyone’s hands. Second, the entire crypto market will rise, and the community will want to accumulate tokens that serve larger gains in the short term. The latter portion of the assumption is already evident in meme tokens and AI coins.
Bitcoin’s price is poised to rise anyway since there is no downplay in ETF inflow. On the other hand, Altcoins depend on what happens to Bitcoin. ETH is a prime example, for it is known to lead the trend in response to the performance of BTC.
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Simply put, Bitcoin halving may cause an increase in the value of Bitcoin. As a result, other cryptocurrency prices rose in the market. A reason why altcoins are in the picture is because they come at a reasonable price for many new users. This does not dispel the fact that BTC and ETH are safer assets with better chances of rising faster at the beginning of the bull run.
Bitcoin halving is tentatively scheduled to happen in the middle of April or by April 21, 2024. Its ripple effects could be tangible in a couple of days after Halving.
Analyst’s opinion on altcoin rally post BTC Halving
Michaël van de Poppe, a prominent crypto analyst, CEO, and founder of MN Trading Consultancy, has put forward his opinion about BTC halving. His first opinion states that BTC could lose its dominance after Halving. This is supported by the fact that BTC’s valuation of altcoins is super low, adding that there is a strong interest in purchasing altcoins.
The next piece of opinion states that Bitcoin is close to its ATH, yet there is no interest from the community. Altcoins are at the bottom, with a similar fate in the market. Poppe believes that this is the best time to take an interest in them, as it is an opportunity that will not come again.
Finally, Michaël van de Poppe has said that the market capitalization of altcoins is eager for a continuation – a hint at the fact that it will only rise later.
Conclusion
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Bitcoin and altcoins are subject to volatility. The sphere is at a stage where the community only wants it to rise. BTC has a better chance of soaring, and so do altcoins. What could help altcoins more is the fact that they are affordable and largely accessible, with the potential to serve short-term profits.
