Bitcoin (BTC) showed signs of a bullish comeback after PayPal President and CEO Dan Schulman stated on Mar. 30 that the online payment giant will allow its U.S. consumers to pay with cryptocurrencies when they transact with millions of its global merchants. This is seen as a major step in the mainstream adoption of cryptocurrencies. Bitcoin presently trades at $58,848 with a gain of 2.40% in the last 24 hours.
Earlier on Monday, Visa announced that it would support Stablecoin USD Coin (USDC) for settlement, thus backing the Ethereum blockchain. Ethereum saw a mild price boost in response to this news.
Based on historical data, April has been a massively bullish month for Bitcoin. Danny Scott of CoinCorner indicated that past data for Bitcoin price in the last ten years showed an average gain of 51% for Bitcoin in April. He further pointed out that there have only been two Aprils where Bitcoin suffered losses which occurred in 2014 (-6%) and 2015 (-4%).
Meanwhile, Bitcoin price predictions are high for April while Deribit’s data indicated that the outlook on April is more bullish as a majority of investors are betting on a strike price of $80,000 for BTC call options.
Some analysts however believe that Altcoins would not take a backseat despite the overly bullish outlook for Bitcoin in April. Altcoins are already stepping into the spotlight with Altcoins such as Binance Coin (+13.71%), Filecoin (+18.38%), BitTorrent (+23.72%), HOT (+38.53%), THORChain (+12.04%), 0x (+17.93%), Dent (+12.28%), OKB (+11.23%), Lisk (+12.13%) and Nervos Network (+18.23%) posting impressive performances in the last 24 hours.
Some bullish predictions have emerged for the Altcoin market
Rekt capital, @rekt capital tweeted:
We are at a stage in the Altcoin Market Cycle where many Altcoins are in the process of completing & breaking out from their macro U-Shaped formations. The next stage will be watching these same Altcoins rally into Price Discovery, in search of a new all-time High
Already a handful of Altcoins such as Filecoin, Nervos Network, HOT, Kusama, Arweave, Ankr, Aragon (ANT), THETA, BitTorrent, Basic Attention Token, Enjin Coin, VeChain (VET) Hedera Hashgraph (HBAR), Terra (LUNA), SKALE, Near protocol, Harmony (ONE) has erupted to new all-time highs in March.
The question however remains if conditions can stay favorable for much longer. Crypto analyst Michaël van de Poppe stated that in a much broader perspective, the foundations are nonetheless being set for what he expects will be a “very bullish” summer for Altcoins, particularly as the market capitalization has been breaking new highs, nearing $750 billion.
He specifically stated regarding the Visa news “Ethereum is going to surprise everyone massively,” Scott Melker, @ wolf of the streets, stated, “Altcoins look great”.
On the other hand, Bitcoin market cap dominance continues to dwindle, which at the time of writing was standing at a value of 59%, representing a six-month low. Bitcoin dominance is a good way to estimate the strength of Altcoins. If Bitcoin market cap dominance continues to lessen, then favorable conditions are set in place for a continued Altcoin rally.
Conversely, a correction wouldn’t be a surprise after such a big multi-month rally in Altcoins if BTC dominance takes the reverse path.
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