Mt. Gox Repayments: A Turning Point for Altcoin Market?

• Mt. Gox starts repaying creditors, returning 142,000 BTC and 143,000 BCH after nearly a decade.
• Ethereum ETF’s success is crucial for the potential altseason and BTC dominance shift.

Michaël van de Poppe, a noted crypto analyst, recently tweeted that the overall altcoin market capitalization has bottomed out after the announcement of the Mt. Gox news.

He emphasized a big upward bounce and, more crucially, a notable reversal because it tested higher-timeframe support. If this value continues to rise, it will encounter a formidable opposition zone. If this resistance is broken, a positive rise in the cryptocurrency market will follow.

The total #Altcoin market capitalization has bottomed during the release of the Mt. Gox news.

A strong upward bounce, but more importantly, a strong reversal since it tested a higher timeframe support. pic.twitter.com/UrAS1tFsyk

— Michaël van de Poppe (@CryptoMichNL) July 20, 2024

Mt. Gox, a cryptocurrency exchange that went bankrupt in 2014 after losing about 850,000 Bitcoin owing to a cyber assault, has finally begun repaying its creditors in July 2024. A total of 142,000 BTC and 143,000 BCH, worth more than $9 billion, will be refunded to about 127,000 creditors who have been waiting over a decade.

Potential Bitcoin Dominance Peak Hinges on Ethereum ETF Success 

In a separate tweet, van de Poppe published a chart indicating that Bitcoin’s dominance could peak as the leading coin encounters a strong pushback. The issue remains as to whether Bitcoin’s dominance will peak or grow again.

This outcome is dependent on how well the Ethereum ETF performs. If BTC dominance declines, we will witness confirmation of bearish divergence and an increase in altcoins, often known as altseason.

Previously, CNF reported that a crypto analyst said technical indicators are changing, and the long-awaited altseason is just around the corner. However, he also cautioned that 99% of meme tokens would fail, causing investors to lose money.

On the other hand, as we previously highlighted, Dan Gambardello, the founder of Crypto Capital Venture, predicts a huge increase in cryptocurrency.

This analysis is based on the outcome of Coinbase’s legal fight with the US Securities and Exchange Commission. The ramifications of this lawsuit are expected to have a substantial impact on market dynamics, potentially triggering an altcoin rise.