Altcoins Rise as Spot ETH ETF Launch Nears, Says Vertex CEO

As the cryptocurrency market consolidates this Friday, altcoins are sending mixed signals ahead of the launch of the ETH spot ETF. Predictions abound that this cycle could lose an alt season due to the current market lull. However, Darius Tabai, CEO of Vertex Protocol, an Arbitrum (ARB)-based decentralized exchange (DEX), suggests that ETF ETH could have a positive impact on altcoins.

ETH ETF Impact on Altcoins

The upcoming launch of Ethereum spot ETFs could surprise the market, says Darius Tabai, CEO of Vertex Protocol, a decentralized exchange (DEX) powered by Arbitrum. He believes the market has not fully considered the potential impact, which could lead to a 25% price increase or more for Ethereum. Tabai believes the market could be surprised by a sudden increase in the price of Ether.

Tabai also notes that a rising Ethereum price could boost other altcoins, making this a different story from the Bitcoin ETF launch, which saw altcoins struggle. The potential knock-on effect on the broader altcoin market could be significant.

Different points of view on performance

Not everyone shares Tabai’s optimism. Sergei Gorev, a risk manager at YourHodlerdoubts that the Ethereum ETF will increase prices as much as Bitcoin ETFs did earlier this year. In January, Bitcoin rose more than 80% in the two months after the ETF launched. Gorev highlights the issue of Ethereum staking, which could discourage investors since staking is not available for Ethereum ETFs.

He also points out that summer trading volumes have dropped by 17% because many investors are on vacation.

Ether Could Rise to $6,000

Echoing the bullish sentiment, cryptocurrencies passionate Timothy Peterson has made some bold predictions for Ethereum. According to his analysis, the price of Ethereum could rise between $4,600 and $6,000 by March 2025.

He further noted that the price of Ether is currently “at the top” of the 200-day moving average (MA) and will “eventually explode around the time of the ETF launch.”

At the moment, Ethereum trades at $3,407reflecting a 10% increase over the past seven days. Meanwhile, 24-hour trading volume increased by 3%, with a market cap of $409 billion.

See also: Will Spot Ethereum ETF Spark a New Crypto Wave? Here’s What to Expect

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