Michael van de Poppe explains under what conditions Ethereum will reach a historic high

Ethereummay surprise the crypto market by reaching new historical highs even before bitcoin BTC $56,536.26 Bitcoin -2.88% Market capitalization $1.11 trillion VOL. 24 hours $4.57 billion starts to resume its upward trend. This was stated by crypto expert and trader Michael van de Popper in his latest analysis of the digital asset market.

According to Cointelegraph, crypto traders expect a strong rise in bitcoin prices in response to the launch of spot ETF products for ethereum in the United States. Although not yet fully approved for trading, these products have already received a conditional green light from regulators.

This development could reduce the share of bitcoin in the total capitalization of the crypto market, potentially giving altcoins more room for growth.

«Bitcoin's dominance has probably peaked this cycle at 58%. The valuation of altcoins is very low compared to bitcoin. It is likely that the next historical high will be reached for Ethereum,» Van de Poppe said.

According to the CoinMarketCap analytical tracker, at the time of writing, ETH is trading at $ 3,741. The total number of coins circulating on the market is $ 449.6 billion. Traders made daily trading deals worth $ 13.9 billion. Ethereum’s market share as of May 31, 2024 is 17.7%.