Analyst Nicholas Merten is confident that following the achievement of new highs in Bitcoin, the altcoin market will show significant growth.
Trader in his
video on YouTube reported that with Bitcoin hitting a new all-time high following the launch of the ETF on Bitcoin futures from ProShares, the altcoin market has made an unexpected leap that signals its significant potential.
“I still think we will see the altcoin market hitting new all-time highs. Many of the altcoins, such as ether, are already heading for previous highs, following Bitcoin’s lead. They will soon start outperforming Bitcoin in terms of growth rate. Following the rule of “buy by rumor, sell by facts”, the shift in liquidity is not only towards bitcoin, but also more altcoins. ”
The expert compared the share of altcoins and bitcoin, and came to the conclusion that the indicator bounced off an important support line by more than 52% ().
“At the peak of fear, when the market is changing, investors think, ‘Oh my God, we’re going to break the support line’ or ‘It’s too late for altcoins.’ A miracle happens, altcoins are growing in the general support range from 52.5% to 54.15%. ”
The analyst claims that the DeFi sector in the cryptocurrency market could bring promising profits in the next few months. According to him, DeFi is one of the most fundamental sectors of the crypto industry. Merten believes that in the coming months of this year, investors will see the dominance of the DeFi market over other markets and its rapid growth.
The decentralized finance industry has indeed shown significant growth over the year. According to DappRadar, the total value of cryptoassets frozen in DeFi applications has grown by 936% in 12 months. Most of the assets are locked on the Ethereum blockchain, but Avalanche and Solana are also gradually increasing the amount of locked assets.
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