As a researcher with several years of experience in the cryptocurrency industry, I’ve witnessed firsthand how news of an Ethereum ETF approval can significantly impact not only Ethereum but the entire altcoin market. The recent surge of 20% or more for major altcoins like $ETH, $UNI, $PEPE, $BONK, and $LDO within hours of the increased odds of an ETF approval is a clear indication of this market trend.
Over the past day, Ethereum‘s (ETH) price has experienced a remarkable surge of approximately 20% due to heightened optimism regarding the potential approval of a spot Ethereum Exchange Traded Fund (ETF). The likelihood of this happening has significantly increased from a mere 25% a week ago to a robust 75%, following the US Securities and Exchange Commission’s (SEC) encouragement for applicants to expeditiously submit their 19b-4 filings. This positive news has not only invigorated Ether itself but also boosted the prices of other coins within the Ethereum ecosystem.
Altcoins Rally Along With Ethereum
According to data provider Santiment, there’s been a notable rise in the cryptocurrency market due to heightened expectations of an Ethereum ETF being approved. The likelihood of this approval now stands at 75% – a significant increase from the previous 25%. This optimistic shift has resulted in market value growth throughout the altcoin segment.
The eagerness for Ethereum’s initial spot ETF launch has fueled one of the most significant trading days in 2024 for the cryptocurrency market. Notable altcoins, including Ethereum ($ETH), Uniswap ($UNI), Pepe ($PEPE), Bonk ($BONK), and Lido ($LDO), have all experienced gains exceeding 20% within the previous 24 hours. In contrast, Bitcoin‘s ascent to a six-week high of $71,400 has taken a back seat in the broader market surge.
In just the past day, the total value of the cryptocurrency market has experienced a remarkable increase of approximately 8.5%, reaching over $2.6 trillion. Concurrently, the daily trading volume has spiked an impressive 140%.
Altseason to Begin Soon
Following a nearly month-long period of sideways movement, altcoins have regained momentum according to cryptocurrency analyst Michael van de Poppe. He posits that the low point for altcoins has already passed.
Expert insight from crypto analyst Michael van de Poppe: Investors should consider upping their risk tolerance as the market gears up for possible profits. Based on van de Poppe’s analysis, altcoins have reached their lowest points in relation to Bitcoin over the past four months and are primed for a turnaround.
As a crypto investor, I’m excitedly anticipating the upcoming weeks, which are predicted to bring significant developments. Among these, the anticipated Ethereum ETF launch next week is particularly noteworthy. According to Van de Poppe, these events could mark the beginning of an exhilarating chapter for the cryptocurrency market.
Expert: According to well-known investor Anthony Pompliano, endorsing a Spot Ethereum ETF is equivalent to unlocking the door for other ETFs in the market. Consequently, numerous alternative coins could potentially fall under regulatory scrutiny as a result.
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2024-05-21 09:36