Altcoins
Ethereum ETF Approval and Other Factors Will Boost Altcoins
- A renowned analyst gives a bold prediction on the altcoin market, saying that Ethereum (ETH) and Polkadot (DOT) could lead the charge for a monumental rally.
- According to him, the approval of the Ether ETF, coupled with other factors, could massively benefit ETH and the altcoin ecosystem as a whole.
Bitcoin (BTC) is closing in on a new all-time high price with a 4% rise over seven days, however, most altcoins appear unbothered at this point as the likes of XRP, Dogecoin, and Shiba Inu make negative gains over the course of of the last 24 hours. . For crypto trader Michaël van de Poppe, altcoin season is about to begin with companies like Ethereum (ETH)Polkadot (POINT) and XRP is preparing for a monumental gathering. According to him, the market would experience a rare boost from late June to September or October.
Altcoins are ready for their rise. I think we will see strong momentum from late June to September-October. A return to their normal values after the big cascade of the first period of the year.
His current market observation also indicates that the trio of cryptocurrencies led by Bitcoin are showing signs of upward momentum, with BTC surpassing the $70,000 resistance level and heading towards the all-time high.
The upward dynamic [of]Bitcoin keeps happening. The $70,000 rose, through which the important level is to maintain $70,000 now to continue towards the all-time high.
At press time, Bitcoin was trading at $71,135, up 14% over the past 30 days and seeing a market cap increase of 0.3% to $1.4 trillion.
Ethereum, Polkadot and XRP “Ready for the Moon”
Outside of the Bitcoin “realm,” according to Michael van de Poppe, the coin that will lead the altseason is leading smart contract platform Ethereum (ETH). Speaking to his 719,000 X subscribers, the analyst predicted that ETH would benefit massively from the approval of S-1 filings for ETH-based exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) of the United States.
Ethereum is focused on generating this higher low. I think the certainty around S-1 approvals is going to lead to a big rise and a higher low. Just a question of patience.
In fact, referring this position to the near-term impact of Bitcoin-related product approval on the price of the underlying asset indicates potential appreciation in the price of ETH.
At press time, ETH was trading at $3,817. However, the price has fallen by 0.7% in the last 24 hours and by 3% in the last 90 days.
Interestingly, Polkadot (DOT) is expected to occupy a dominant position in the potential altcoin movement, given its recent fundamental growth. This project focused on real-world assets (RWA) with several breathtaking projects within the ecosystem. According to van de Poppe, there is still time to accumulate.
DOT is doing very well in terms of fundamental growth. They focus on RWAs (real world assets) and have several large projects within the ecosystem (Centrifuge and Energy Web). Right now the price is starting to rise and I think it’s still a great time to accumulate a position.
At press time, DOT was trading at $7.1 after a 0.31% decline over the past 24 hours.
Finally, XRP is tipped for greatness as investors await crucial decisions on the ongoing lawsuit between the SEC and Ripple Labs. Currently, XRP is trading at $0.52 after a 0.02% decline.