Market veteran Michaël van de Poppe predicts a 2-5x surge for altcoins like Notcoin (NOT) against Bitcoin (BTC), as its market growth continues to ignite investor interest.
Michael van de Poppe, a seasoned market analyst, has recently highlighted the potential growth of altcoins, with a particular focus on Notcoin (NOT). According to van de Poppe, altcoins, including NOT, are expected to perform significantly well, potentially achieving a 2-5x increase against Bitcoin in the next four months.
This optimistic outlook comes as Notcoin shows substantial market activity and volatility. Van de Poppe’s words point to the increasing interest in altcoins, suggesting a promising trend for investors in the market.
#Altcoins are going to do well, and I think $NOT has been signalling a lot.
I'm suggesting that many of these can be doing a 2-5x against Bitcoin in the coming four months.
Which ones are you holding in your portfolio?
— Michaël van de Poppe (@CryptoMichNL) June 4, 2024
Notably, per another analyst, Rekt Capital, the Altcoin Market Cap is set to achieve its highest weekly close since early April 2024. This development is perfectly in line with the Ultimate Altcoin Market Cap Game Plan outlined by the market watcher months back.
Notcoin’s Market Performance
Currently, Notcoin trades at $0.023676, with a 24-hour trading volume of $2,207,341,547. The cryptocurrency has seen a 3.22% increase in the last 24 hours. Currently ranked 49th on CoinMarketCap’s list of largest assets, Notcoin has a market cap of $2.4 billion.
A comparative performance chart highlights the distinct behaviors of Notcoin (NOT) and Bitcoin (BTC) from May 17 to June 4. The data shows that while BTC remained relatively stable around the 0.00% mark with minimal fluctuations, NOT exhibited considerable volatility.
Initially, NOT fluctuated around 0.00%, experienced a notable dip below -5.00%, and began a significant rise around May 30, peaking above 15.00% by June 1.
Though it declined afterward, it remained above the 5.00% mark by June 4. On the other hand, Bitcoin maintained a stable performance close to the 0.00% mark with very minimal fluctuations, indicating lower volatility compared to Notcoin.
Impressive Trading Volume and Market Activity
Recent data shared by IT Tech, a verified author at CryptoQuant, shows Notcoin’s trading volume was second only to Bitcoin. At the time of the disclosure, Notcoin recorded a 24-hour trading volume of $16.33 billion, surpassing Ethereum’s $11.71 billion.
🚀 The trading volume for $NOT is huge, hitting $16.33 billion! Only Bitcoin had a bigger volume.
This is a significant surge compared to other assets. 🤯 pic.twitter.com/ldAF6gdGQF
— IT Tech (@IT_Tech_PL) June 3, 2024
On the other hand, Notcoin’s open interest stands at $227.47 million, which is considerably lower than Bitcoin’s $11.89 billion and Ethereum’s $8.88 billion. Open interest represents the total number of outstanding derivative contracts, indicating a smaller derivatives market or less leveraged trading for Notcoin.
Additionally, Notcoin boasts a high 24-hour funding APR of 31.101%, suggesting strong incentives for traders to maintain positions in its perpetual futures contracts. This contrasts with BTC and ETH’s lower funding APRs of 12.481% and 14.835%, respectively, reflecting more balanced funding conditions.
Last month, The Crypto Basic reported a 600% rally in Notcoin’s price following its launch on May 16. This surge was driven by increased market liquidity and investor participation, triggered by its listings on Binance and OKX.
Within 24 hours of being listed, Notcoin climbed into the top 10 cryptos by daily trading volume, attracting over $1.2 billion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
