Altcoins
Not Bitcoin! Altcoins Could Make You RICH as Ethereum ETF Stimulates Market!
Altcoin market cap (TOTAL3) is still 70% below its previous highs, while Bitcoin is near its all-time high (ATH). Market experts suggest that the stage is set for a major rally in altcoins, supported by positive developments such as the approval of the Spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) on July 4.
Additionally, new ETF applications for Solana from VanEck and 21Shares are positively impacting market sentiment, shifting interest from Bitcoin to altcoins.
Is this the spark that lights the fire of altcoins? Find out more!
Bitcoin and Ethereum Performance
The month of June ended on a positive note, with Bitcoin price recovering to $63.7k from an initial dip to $58.56k. Meanwhile, Ethereum (ETH) showed strong performance against Bitcoin (BTC).
According to market analysts, the last time ETH broke its resistance against BTC, it triggered a seven-month-long altcoin season from March 2021 to November 2021. Despite the fluctuations during that period, the overall increase in altcoin values has been remarkable.
Is this the consolidation phase?
Market analysts suggest that Bitcoin may be entering a consolidation phase after its recent parabolic rise. This could set the stage for Ethereum and other altcoins to experience exponential growth.
Ethereum, as the leading altcoin, looks set to significantly outperform Bitcoin, especially with the possible launch of Ethereum ETFs by July 4th.
The Decline of Bitcoin Dominance
BTC (BTC.D) Dominance The monthly chart shows Bitcoin is testing its long-standing resistance line, which has held since March 2017. Historically, whenever BTC dominance hits this resistance and falls back, Ethereum and other altcoins have shown a substantial recovery.
A decline in BTC dominance indicates that altcoins are gaining value faster than Bitcoin, often signaling the start of an altcoin season.
Are you bullish on altcoins or sticking with Bitcoin? Let’s hear your investment strategies!