Nicholas Merten, Crypto analyst explains how altcoins may be seeing an upward trend. Especially, as Bitcoin continues to trade above $60,000.
More so, Nicholas Merten strongly believes the altcoin market will have a surprise run.
“I still think that we’re going to see altcoins in the same exact position…”
“Many of them like Etheruem already pressing up to those previous all-time highs following…”
“suit with Bitocin and already starting to outpace Bitcoin during its big week…”
Then, Nicholas Merten continues.
“This might be a little bit of a buy the rumor sell the news event where a lot…”
“of the liquidity shift doesn’t just go to Bitcoin, but especially goes to altcoins.”
Furthermore, Nicholas Merten compares the market share of altcoins and Bitcoin’s, then says the metrics shows s support line near 52%.
“At the peak moment of fear where everyone’s looking to rotate, when people are thinking…”
“‘Oh my god we’re going to break the support line,’ or ‘It’s just too late for altcoins’,…”
Also, Nicholas Merten adds.
“lo and behold, we bounce up not only exactly around this…”
“general support range around 52.5%, but all the way up to 54.15%.”
Lastly, Nicholas Merten notes that the DeFi sector of the crypto markets will see potential gains in the next few months.
“So the idea here is that we could start to come up and set new highs in dominance for DeFi…”
“DeFi is one of the most fundamental sectors in the crypto space…”
“It’s got real adoption, real traction, real excitement behind it…” More so, Nicholas Merten continues.
“I think that there’s a very good chance here that in the coming months, as we go into Q1,..”
“we could start to see DeFi dominance start to grow and it might even happen quicker in this case.”
So, Nicholas Merten concludes.
