Altcoins
Massive Altcoin Season and Sustained Rally May Start Any Day Now; Details Inside
The cryptocurrency world is buzzing this week with several major developments taking place. Bitcoin has surged to fun levels over the past seven days, while the altcoin market is buzzing with positivity. The unexpected announcement that President Joe Biden will withdraw from the re-election race has sent shockwaves through the markets. Biden’s decision to withdraw from the race has been seen by some analysts as a positive sign for Bitcoin and other cryptocurrencies.
Does the Bull Run start on this date?
Altcoin analyst Buzz took in his latest analysis and has brought to light the wide range of reactions in the sector because the excitement does not end there. Five spot Ethereum ETFs, including those from Fidelity and VanEck, are set to launch on July 23, according to the CBOE exchange. Matt Hogan, chief investment officer at Bitwise, believes that the price of Ethereum could reach new all-time highs after the launch of the first US Ether ETF.
Hogan cited three main reasons for this potential surge: Ethereum’s zero inflation rate over the past year, the fact that Ether stakers are not selling off like Bitcoin miners, and that 28% of Ether’s supply is already off the market.
Other factors point to a rally ahead, such as significant Ether withdrawals from centralized exchanges. However, some analysts have warned that Ether’s price could see a “sell the news” event similar to the initial Bitcoin ETF launch before it begins a sustained rally.
Cryptocurrency trader Mickey Bull believes that Ether ETFs could spark the next altcoin bull market cycle. In a blog post, he wrote: “ETH ETFs will be a major catalyst for a massive rally, sparking a massive alt season this cycle.”
Market analyst Josh Gilbert described Biden’s move as a victory for cryptocurrencies. He argued that Trump’s increased reelection chances could boost the entire asset class. He also noted that it’s hard to imagine Kamala Harris or another Democratic candidate overturning Trump’s lead with just three months to go. But in politics, anything can happen.