Bitcoin price rally cools down as fresh fallout from Ripple’s threatened lawsuit with the United States Security and Exchange Commission was felt throughout crypto markets. The price dropped below $26,000 on Dec. 29.
Prominent crypto strategist and trader Michaël van de Poppe says bitcoin dominance is likely topping out, as the first cryptocurrency gives way to some altcoins.
On the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing. Van de Poppe believes that altcoins as next in line to see significant price escalation. For instance, this week, Ether has rised above $700 for the first time since May 2018.
The seventh-largest token by market cap Polkadot saw a 22.5% daily rise, capping weekly performance of nearly 34%.Van de Poppe is eyeing, bitcoin will reach $40,000 or $50,000 in 2021, but “until then, altcoins will most likely do well.”