- Michaël van de Poppe predicts that the altcoin market will grow significantly in 2024.
- Altcoins such as Injective and Solana have already recorded notable rallies in the last week,
- Michaël added that most of the growth in Q1 2024 will be championed by Ethereum.
In a recent post on X (formerly Twitter), crypto trader Michaël van de Poppe expressed his optimism about the performance of altcoins in the coming year.
Michaël noted that the crypto market has been in a slump for most of the year. However, recent weeks have seen a surge in altcoin prices, leading him to speculate about a potential bull run in the first quarter of 2024.
According to Michaël, the rally within the altcoin ecosystem has been led by the Injective (INJ) and Solana (SOL) coins. In the last month, INJ’s price has surged by 158%, according to data from CoinMarketCap.
Likewise, now ranked as the fourth largest crypto asset in terms of market capitalization, SOL’s price has climbed by 68% during the same period.
AI-based tokens such as Celestia (TIA) have also recorded notable price upticks in the past few weeks. Exchanging hands at $12.22 at press time, TIA’s value has more than doubled in the last month.
Ethereum to take the lead in 2024
While these are commendable, Michaël said, “most of the markets are waiting for Ethereum to take over.”
According to him, ETH will take center stage in the first quarter of 2024. One of the reasons cited by Michaël is Bitcoin’s (BTC) next halving, scheduled to take place in April 2024.
Historically, the 3-8 months leading to the halving event are typically marked by altcoins being undervalued. These periods provide “the best investment opportunity of the cycle,” as traders buy the dip ahead of the halving event.
Also, Michaël opined that the market is already priced in with the Bitcoin Spot ETF nearing approval. This means volatility is expected to dampen, directing capital towards other coins, with ETH as the primary beneficiary. A potential Ethereum Spot ETF could further amplify the bullish momentum, Michaël added.
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