Crypto trader and analyst Michaël van de Poppe said that there may be an uptrend in Ethereum (ETH) and several altcoins. Van de Poppe thinks that ETH will ignite a rally in the cryptocurrency market instead of Bitcoin.
The analyst also claimed that Ethereum was “ready for $ 500” after exceeding the $ 250 price barrier.
The total market cap of crypto will break out (most likely) upwards.
That's not going to be through $BTC.
That's going to be through $ETH.
As $ETH is very undervalued.
— Crypto Michaël (@CryptoMichNL) July 22, 2020
Altcoins Prepare for Ascension
Van de Poppe also said that Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL) and LTO Network (LTO) are ready for the rise.
In particular, the trader blockchain platform states that TomoChain could jump close to 2 times after a consolidation period. TOMO, which was traded around $ 0.94 at the time of writing, has more than doubled since the beginning of June.
The short-term future of the Altcoin market may depend on the volatility of Bitcoin. Historically, when BTC takes an important step up or down, the market tracks the footsteps of BTC.
Another cryptocurrency analyst known as DonAlt says that the leading cryptocurrency should remain above $ 9,300 to prevent a retreat that could drop it down to $ 7,000.
The crypto data analysis platform Skew says option traders are betting that a downside move will be in the near term.
“Is the market cautious? Short-term Bitcoin options rose strongly this week. “