As the ETH/BTC ratio hits unprecedented levels, top cryptocurrency analysts forecast a significant altcoin surge.
Learn how this indicator could shape the future of the crypto market, according to the latest insights from the founders of Glassnode and predictions from renowned analyst Mikael van de Poppe.
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Glassnode Founders Highlight Updated Highs in ETH/BTC Ratio
On February 22, 2024, the founders of the cryptocurrency analysis platform Glassnode pointed out that the Ethereum to Bitcoin ratio (ETH/BTC ratio) has reached new highs, predicting a surge in altcoin values.
This forecast was shared through the X account '@Negentropic_' by Jan Happel and Yann Allemann, co-founders of Glassnode.
They explained that an increase in the ETH/BTC ratio usually leads to a rise in altcoin prices, adding, "After a long period of adjustment that has continued since the end of 2021, the ETH/BTC finally broke its previous high."
Furthermore, their post also mentioned that "everything is heading towards a blow-off top," indicating a potential explosive growth in the cryptocurrency market.
Other Analysts Echo Altcoin Surge Predictions
The anticipation of an altcoin price surge is not exclusive to Glassnode's founders. Mikael van de Poppe, a renowned analyst with over 690,000 followers on X, also predicted on February 12 that "altcoin prices will surge beyond what people imagine."
He had suggested that altcoin prices would skyrocket following Bitcoin's price reaching above $50,000. Now, with BTC price exceeding $50,000, several altcoins have indeed started to see significant price increases.
It is commonly believed in the cryptocurrency industry that after a substantial rise in Bitcoin prices, funds tend to flow into other altcoins, suggesting that the momentum for price increases in other altcoins could accelerate moving forward.
>> For the latest articles on price predictions, click here.
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