Financial Insights That Matter
Bitcoin BTC/USD is consolidating near record levels while altcoins show significant momentum, according to cryptocurrency analyst Michaël van de Poppe.
What Happened: “A pretty normal consolidation on Bitcoin before the breakout above the all-time high,” van de Poppe wrote Wednesday on X. “In the meantime, altcoins are significantly breaking out and continuing their momentum. The signs of a bull market.”
The leading cryptocurrency is trading at $104,030.18, up 0.25% over the past 24 hours, with a total market capitalization of $2.06 trillion. Meanwhile, Ethereum ETH/USD has gained 4.42%, reaching $2,625.37 with a market cap of $316.95 billion.
Van de Poppe noted correlations between traditional and crypto markets, stating: “Renminbi keeps grinding higher –> ETH keeps grinding higher.” He added that Bitcoin is approaching a new all-time high “in the coming 1-2 weeks” while Ethereum outperforms.
See Also: Bitcoin, Ethereum, Dogecoin Pop As Inflation Numbers Softer Despite Trump Tariffs: Analyst Says Cocktail For BTC’s ‘Ballistic’ Rise In The Works
Why It Matters: The CMC Altcoin Season Index, which measures whether the market favors Bitcoin or alternative cryptocurrencies, currently reads 30/100, indicating the market remains in “Bitcoin Season.” The index considers the top 100 coins’ performance relative to Bitcoin over 90 days, according to data from CoinMarketCap.
Disclosure: 82% of retail CFD accounts lose money
Several altcoins have significantly outperformed Bitcoin in recent months, with FORM up over 206.68%, FARTCOIN rising 183.56%, and IP gaining 149.35%. Other notable performers include Maker, up 91.12%, and Monero, which has increased by 52.58%.
This consolidation period comes as inflation data has been softer than expected, creating what van de Poppe recently described as “the cocktail for Bitcoin to go ballistic.”
Bitcoin IRA co-founder Chris Kline attributes Bitcoin’s strong performance partly to “the strategic reserve race among states,” creating “unprecedented demand pressure against Bitcoin’s mathematically limited supply.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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