Altcoins
Bitcoin and Ethereum ETF Could Make “June a Very Good Month for Altcoins,” Seasoned Trader Predicts
June 7, 2024 10:54 a.m. | 2 minutes of reading
The strong performance of Bitcoin (CRYPTO: BTC) spot ETFs and the next Ethereum (CRYPTO: ETH) spot ETF launch This should bode well for altcoins, according to a well-known trader.
What happened: Crypto Capo sharing his bullish outlook for altcoins in June, stating that artificial intelligence, real-world asset tokens, meme coins and Ethereum and Solana (CRYPTO: GROUND) ecosystems look good.
Capo declared that despite the recent underperformance of altcoins compared to Bitcoin, the scenario may soon change. He attributed altcoins’ recent struggles to the Bitcoin ETF narrative, which has overshadowed other cryptocurrencies.
He further explained that with the upcoming Ethereum ETF narrative, the market may enter the final phase of the current phase. This change could lead to a significant influx of capital into altcoins, potentially reversing their recent downward trend.
The previous week, Capo tweeted that Peas (CRYPTO: POINT) chart looks good with “price on key major support and forming a new uptrend”. He added that among major blockchains, Polkadot is leading in the advancement of AI and gaming.
Why is this important: Capo’s ideas come at a time when the approval of a Bitcoin ETF has already had a considerable impact on the market. With the potential introduction of an Ethereum ETF, investors are keen to see how this will affect the broader cryptocurrency market.
It suggests that altcoins, which have lagged behind Bitcoin in recent months, could see a surge in interest and investment.
Famous crypto trader Michael Van De Poppe Underlines how he overhauled his altcoin portfolio focusing on higher investment return prospects ahead of the Ethereum ETF trading. “Altcoins are going to do very well,” he said, attributing the recent underperformance to the impacts of the Bitcoin ETF.
And after: The influence of Bitcoin as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
Read next: What the Ethereum ETF Means for Altcoins and Meme Coins
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