Altcoins Surge as Bitcoin's Dominance Wavers

Crypto markets are showing signs of a shift towards altcoins as Bitcoin's dominance wavers. According to analyst Michael Van de Poppe, this marks the end of a year-long downtrend for altcoins.

Ethereum and XRP have been leading the charge, outperforming Bitcoin in both daily and weekly performance. Ethereum's price is up over 8% on a weekly basis, while XRP has seen gains of around 5.9%. In comparison, Bitcoin's price has only increased by 5.6% over the same period.

Van de Poppe attributed this shift to Bitcoin's resilience in recent macro volatility and falling inflation data. He also pointed out that bond yields have been a key signal to watch, with US inflation data posting its biggest drop since 2020.

The analyst is now allocating 98% of his portfolio to altcoins, citing the potential for strong breakout gains. However, veteran trader Peter Brandt remains bearish on Bitcoin, predicting a possible fall into the high-$40,000s before the asset's bear market bottoms out in October.