Altcoins
Ethereum ETF Approval and Other Factors Will Boost Altcoins
- The renowned analyst provides a bold prediction on the altcoin market, claiming that Ethereum (ETH) and Polkadot (DOT) could lead the charge for a monumental rally.
- According to him, the approval of the Ether ETF, along with other factors, could bring enormous benefits to ETH and the altcoin ecosystem in general.
Bitcoin (BTC) is almost close to setting a new all-time high price record with a 4% increase in seven days, however, most altcoins don’t seem bothered at this point as the likes of XRP, Dogecoin and Shiba Inu have made negative gains in the last 24 hours. For cryptocurrency trader Michaël van de Poppe, altcoin season is about to begin with the likes of Ethereum (ETH)Polka dot (DOT) e XRP preparing for a monumental gathering. In his opinion, the market would witness a rare momentum from late June to September or October.
Altcoins are ready for their bull run. I think we will see a lot of momentum from the end of June through September-October. A return to normal values after the great waterfall of the first period of the year.
His current market observation also indicates that the trio of cryptocurrencies led by Bitcoin are showing signs of upside momentum, with BTC breaking the $70,000 resistance level and moving towards an all-time high.
The upward momentum [of]Bitcoin keeps happening. The $70,000 has broken to the upside, through which the important thing is to hold the $70,000 now to continue towards the all-time high.
At the time of writing, Bitcoin was trading at $71,135, up 14% over the past 30 days and recording a 0.3% increase in market capitalization to reach $1.4 trillion.
Ethereum, Polkadot and XRP “Ready for the Moon”
Outside the “realm” of Bitcoin, the coin that will lead the altseason, according to Michael van de Poppe, is the leading smart contract platform Ethereum (ETH). Speaking to his 719,000 followers, the analyst predicted that ETH would benefit hugely from the approval of S-1 filings for ETH-based Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC).
Ethereum is focusing on generating that higher low. I think the certainty around S-1 approvals will lead to a strong move higher and a higher low. It’s just a matter of patience.
Indeed, this position’s allusion to the short-term impact of Bitcoin-related product approval on the price of the underlying asset indicates potential price appreciation for ETH.
At the time of writing, ETH was trading at $3,817. However, the price decreased by 0.7% in the last 24 hours and by 3% in the last 90 days.
Interestingly, Polkadot (DOT) appears to have a dominant position in the potential altcoin movement considering its recent fundamental growth. This project focused on Real World Assets (RWA) with several stunning projects within the ecosystem. According to van de Poppe there is still time to accumulate.
DOT is doing great in fundamental growth. They are focusing on RWA (real world resources) and have multiple large projects within the ecosystem (Centrifuge and Energy Web). At this time, the price starts to rise and I think it is still a great time to accumulate a position.
At the time of writing, DOT was trading at $7.1, having fallen 0.31% in the past 24 hours.
Finally, XRP has been singled out for its greatness as investors await crucial decisions on the ongoing court case between the SEC and Ripple Labs. Currently, XRP is trading at $0.52 after dropping 0.02%.