Altcoins
A Massive Altcoin Season and Sustained Rally Could Begin Anytime; Details Inside
The cryptocurrency world is abuzz this week as several major events unfold. Bitcoin has reached funny levels over the past seven days, while the altcoin market is brimming with positivity. The unexpected announcement of President Joe Biden’s withdrawal from the re-election race sent shockwaves through the markets. Biden’s decision to withdraw from the race was seen by some analysts as a positive sign for Bitcoin and other cryptocurrencies.
The bullfight starts on this date?
Altcoin analyst Buzz took He shared his latest analysis and drew attention to the wide range of reactions within the industry, as the excitement doesn’t stop there. According to the CBOE exchange, five spot Ethereum ETFs, including those from Fidelity and VanEck, are set to launch on July 23. Matt Hogan, chief investment officer at Bitwise, believes that Ethereum’s price could reach new all-time highs after the launch of the first U.S. Ether ETF.
Hogan cited three main reasons for this potential increase: Ethereum’s zero inflation rate over the past year, the fact that Ether stakers aren’t selling like Bitcoin miners, and that 28% of Ether’s supply has already been removed from 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 experience a “sell the news” event similar to the initial Bitcoin ETF launch before beginning a sustained rally.
Cryptocurrency trader Mickey Bull believes that Ether ETFs could spark the next bull cycle in the altcoin market. In a post, he wrote: “ETH ETFs will be a major catalyst for a massive rally, sparking a huge altcoin season in this cycle.”
Market analyst Josh Gilbert described Biden’s move as a win for crypto assets. He suggested that Trump’s increased chances of re-election 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 until the election. However, in politics, anything can happen.