Altcoins From the Ethereum Ecosystem Rally By 20%, Bull Run Ahead?
Highlights
- Altcoins in the Ethereum ecosystem also rally by 20% as odds of spot Ether ETF approval improve.
- This could be the beginning of a new altseason after weeks of consolidation.
- Analyst van de Poppe writes altcoins have bottomed out with exciting period ahead.
In the last 24 hours, the Ethereum (ETH) price has skyrocketed by a staggering 20% on the news that the odds of a spot Ethereum ETF approval have grown from 25% last week to now at 75%. This comes as the US SEC urged issuers to submit their 19b-4 filings quickly. However, not only Ether (ETH), altcoins within the entire Ethereum ecosystem have been rejoicing.
Altcoins Rally Along With Ethereum
On-chain data provider Santiment reports a significant surge in the cryptocurrency market following the increased likelihood of an Ethereum ETF approval. The probability of the Ethereum ETF approval has risen to 75%, up from 25%, triggering market cap gains across the altcoin sector.
The anticipation surrounding Ethereum’s first spot ETF has catalyzed one of the top five trading days in 2024 for the crypto market. Major altcoins, including $ETH, $UNI, $PEPE, $BONK, and $LDO, have all seen gains of over 20% in the past 24 hours. Meanwhile, Bitcoin’s rise to $71,400 for the first time in six weeks has become almost an afterthought amidst the broader market rally.
The overall cryptocurrency market is up by a staggering 8.5% in the last 24 hours and shooting past $2.6 trillion and daily trading volumes surging by 140%.
Altseason to Begin Soon
After almost a month-long sideways consolidation, altcoins are once again back in action. Popular crypto market analyst Michael van de Poppe believes that the bottom for altcoins is already in.
Crypto analyst Michael van de Poppe advises investors to increase their risk appetite as the market prepares for potential gains. According to van de Poppe, altcoins have bottomed out against Bitcoin over the past four months and are poised for an upward reversal.
The upcoming weeks are expected to be crucial, particularly with the anticipated Ethereum ETF launch next week. Van de Poppe suggests that these developments could mark the beginning of an exciting period for the cryptocurrency market.
Popular investor Anthony Pompliano stated that approving a spot Ether ETF would literally open the gates for approving other ETFs in the market. This would also mean that a lot of the altcoins would also come under regulatory purview.
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