Crypto market analysts believe that Bitcoin dominance may not return to its peak levels due to the rise of altcoins. Altcoins are considered a better investment option for crypto enthusiasts compared to Bitcoin.
Expert's View on Bitcoin Dominance
Founder of Into The Cryptoverse Benjamin Cowen has voiced his doubts about Bitcoin dominance returning to its December 2020 levels of 70%. Bitcoin dominance is currently around 57.36%, showing a 4% increase in the past month. Cowen states that his target for Bitcoin dominance is around 60%, predicting the move to happen between September and December. The crypto market is categorized into two: Bitcoin (BTC) and Altcoins (any coin that’s not Bitcoin). Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the rest of the crypto market and is a significant indicator for crypto traders and investors. This Bitcoin dominance has increased by 11% since January, which makes sense considering how well Bitcoin (BTC) has outperformed the rest of the market. Decreasing Bitcoin dominance could be a sign of altcoins growing, and traders often watch dominance levels as a buy/sell indicator. Cowen highlights his optimism for an altcoin season and mentions that Ethereum (ETH) and other altcoins have ample room for growth. As he states, Bitcoin dominance has gotten more complex than ever, and despite impressive BTC movement in the past months, it may never see 71% again like in previous market cycles.
ETFSwap Set to Lead Altcoin Rally in 2024
ETFSwap (ETFS) has emerged as one of the most promising altcoins towards the next bull market. The emerging Ethereum-based platform offers a decentralized avenue to trade and invest in tokenized ETFs. These tokenized assets will be backed by actual securities and managed in collaboration with MiCa-compliant investment banks that trade cryptocurrencies and securities. The emerging ETF platform will list ETF assets from various industries, including engineering, healthcare, energy, and more. Leveraging the Ethereum network for enhanced security and transparency, ETFSwap (ETFS) will offer real-world assets with features drawing from centralized and decentralized markets. This new platform appeals to crypto investors for its on-chain anonymity and impressive crypto-compatible features. At the same time, ETFSwap (ETFS) appeals to investors who already trade via traditional markets for its new improvement. The blockchain-based ETF platform will facilitate fast ETF settlements even outside of trading hours, quick crypto-to-ETF swaps, staking and lending opportunities, zero-KYC, and several other new features. ETFSwap (ETFS) is ready for a beta launch in a few weeks, allowing early testing to investors who’d like to explore the ETF platform ahead of launch. The beta launch also allows the project to work on the feedback received to fix bugs or make additions. Moreover, the smart contract has been audited by CyberScope and is vetted safe against vulnerabilities. The ETFSwap (ETFS) team also recently passed KYC verification by SolidProof, guaranteeing the safety of investors in this early opportunity.
Conclusion
With altcoins poised for growth in 2024, crypto enthusiasts have caught on to the wave of the ETFSwap (ETFS) presale. The new ETF trading platform has raised millions in only a couple of months since its emergence. ETFSwap (ETFS) is expected to continue attracting investor interest due to its innovations and security.
Altcoins are poised to rise in the coming years, and ETFSwap (ETFS) is in the spotlight as one of the most promising newcomers to the market. Investors are eagerly awaiting the further development of the platform and its impact on the market.
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