Benzinga – Cryptocurrency analyst Michael van de Poppe has announced the conclusion of the Bitcoin (CRYPTO: BTC) halving, predicting a market upswing.
What Happened: Van de Poppe took to X to share his insights on the recent developments in the cryptocurrency market. He noted that Bitcoin dominance is on the decline, indicating the beginning of a market rotation.
“#Bitcoin halving has finished and the markets are going up again. Bitcoin dominance goes back down, which means that the rotation has slowly started,” he wrote.
#Bitcoin halving has finished and the markets are going up again.
Bitcoin dominance goes back down, which means that the rotation has slowly started. pic.twitter.com/2u4BmfRzdk
— Michaël van de Poppe (@CryptoMichNL) April 22, 2024
Van de Poppe’s post comes amid a period of intense speculation about the future of the cryptocurrency market. Despite high levels of greed and overvaluation, as highlighted by trader WazzCrypto, the market appears to be on the verge of a significant shift.
See Also: Tesla, Draftkings, Broadcom And Trader Says Buy Dogecoin In High 10 Cents: Benzinga Bulls And Bears
Why It Matters: The conclusion of the Bitcoin halving and the subsequent market rotation could have far-reaching implications for the entire cryptocurrency market.
Over the last seven days, Bitcoin has maintained its dominance at 54% of the total cryptocurrency market capitalization, while Ethereum (CRYPTO: ETH) stands at 16%, according to CoinMarketCap.
Meanwhile, Bitcoin’s performance has been a subject of debate, with analysts like DonAlt predicting fresh highs or a potential decline. The recent halving is also expected to have a significant impact on Bitcoin miners, with production costs set to nearly double in the near future.
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Price Action: According to data from Benzinga Pro, Bitcoin is currently trading at $67,063, reflecting a 0.31% increase in the last 24 hours and a noteworthy 5.66% rise over the past seven days. Ethereum is trading at $3,218, showing a 2.02% increase in the last 24 hours and a 3.95% increase over the past seven days.
Read Next: Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds
Image Via Pixabay
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