Altcoins
Top 3 Altcoins to Watch This Week
This week in the cryptocurrency space, there are several key developments that could significantly impact the price and adoption of certain altcoins. Here, we explore the top three altcoins to watch this week: Ethereum, XRP, and Cosmos, each teetering on the brink of potentially market-changing news.
#1 Ethereum: The Next Spot Cryptocurrency ETF?
The crypto community is still waiting for the approval of the first US-based spot Ethereum Exchange Traded Funds (ETFs), a development that could usher in new institutional investment. Nate Geraci, host of the ETF Prime podcast and co-founder of the ETF Institute, predicted via X that approval could come this week.
“Welcome to spot eth ETF approval week… That’s what I’m calling it. I don’t know anything specific, I just can’t think of a good reason for a further delay at this point. The issuers are ready to launch,” he said. On Friday, Geraci speculated that the SEC might be playing “19b-4-like S-1s… *Extremely* tight-lipped” with spot ETH ETFs.
Echoing the sentiment, Bloomberg ETF specialist Eric Balchunas said: “Yeah, it’s quiet on the Western front right now in terms of eth ETFs. Nothing from the SEC this week. It’s unclear why they’re taking so long. Every issuer is ready. The filings are ready. It’s like a rain delay in baseball. You just have to wait and see. Maybe things will move quickly next week. We’ll see…”
THE the heart of the matter The U.S. Securities and Exchange Commission (SEC) is responsible for managing the S-1 filings required for these ETFs to go live. Having already granted initial approval on May 23, 2024, the market is now awaiting final approval of these forms, a step that could significantly impact Ethereum’s liquidity and market exposure.
#2 XRP Case: Settlement Talks?
A year and a few days after Analisa Torres’ summary judgment, Ripple Labs may be nearing the end of its legal battle with the SEC. According to a rumor circulating on X, the cryptocurrency firm may attend a private meeting scheduled with the SEC on July 18, 2024, as reported earlier today.
Speculation about a possible deal was fueled by crypto exchange Bitrue ambassador Brett Hill, who tweeted about the meeting: “BOOOOOOOM! Private executive meeting at their headquarters in DC this Thursday (July 18-24)! We have been informed by reliable sources that this meeting is related to the Ripple vs SEC resolutions and the conclusion of the court case! #XRP.”
It is important to note that the SEC’s official announcement outlines the logistics and nature of the meeting, but does not explicitly reference the Ripple case.
#3 Cosmos: V18 Update
The cosmos is set for go up a significant improvement to the network with the v18 update, aimed at improving governance and transaction efficiency. Scheduled to be implemented on July 17, the update is poised to introduce a permissioned CosmWasm, which allows for the deployment of community-approved smart contracts.
This governance-focused update is in line with Cosmos’ goal of strengthening security and control over the contracts that can be added to the network, while minimizing the risks associated with open deployments.
Another feature of the Gaia v18 update is the Dynamic Fee Module, a mechanism that dynamically adjusts transaction fees based on network congestion, similar to Ethereum EIP-1559This feature promises to optimize rate structures, potentially improving network performance during peak periods and providing a more predictable rate environment for users.
Also noteworthy is the introduction of accelerated governance proposals, as it enables a faster community response to urgent network decisions, thus improving Cosmos’ agility in governance and strategic decisions.
At press time, ETH was trading at $3,341.
Featured image created with DALL.E, chart from TradingView.com