Altcoins
Top 3 Altcoins to Watch This Week
This week, several key developments in the cryptocurrency sector stand out and could significantly influence the price and adoption of certain altcoins. Here, we explore the top three altcoins to watch this week: Ethereum, XRP, and Cosmos, each of which is poised for potentially market-changing news.
#1 Ethereum: the next cryptocurrency spot ETF?
The crypto community is still waiting for approval of the first U.S. spot Ethereum exchange-traded funds (ETFs), a development that could pave the way for 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 ETH spot ETF approval week… I’m calling it. I don’t know anything specific, I just can’t think of a good reason for another delay at this point. Issuers are ready to launch,” he said. On Friday, Geraci speculated that the SEC could play the ETH spot ETF “S-1 similar to 19b-4s… *Extremely* discreet.”
Echoing this sentiment, Bloomberg ETF expert Eric Balchunas said: “Yes, right now, it’s quiet on the Western front when it comes to ETH ETFs. Nothing new from the SEC this week. It’s unclear why they’re taking so long. All the issuers are ready. The documents are ready. It’s like a rain delay in baseball. You just have to wait. Maybe things will move quickly next week. We’ll see…”
THE essential The company is responsible for managing the S-1 filings required to get these ETFs up and running with the U.S. Securities and Exchange Commission (SEC). Having already granted initial approval on May 23, 2024, the market is awaiting the final signing of these forms, a step that could have a significant impact on Ethereum’s liquidity and market exposure.
#2 XRP Lawsuit: 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 company could attend a private meeting scheduled with the SEC on July 18, 2024, 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 Washington headquarters for this Thursday (July 18-24)! We are informed by reliable sources that this meeting is related to the Ripple vs. SEC resolutions and finalizing the court case! #XRP.”
It is important to note that the SEC’s official announcement outlines the logistics and nature of the meeting, but it does not explicitly reference the Ripple case.
#3 Cosmos: V18 Upgrade
Cosmos is about to undergo a significant improvement to the network with the v18 upgrade, aimed at refining transaction governance and efficiency. Scheduled to be implemented on July 17, the upgrade is set to introduce permissioned CosmWasm, allowing the deployment of smart contracts after community approval.
This governance-focused upgrade aligns with Cosmos’ goal of strengthening the security and control of contracts that can be added to the network, minimizing the risks associated with open deployments.
Another feature of the Gaia v18 upgrade 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 fare structures, potentially improving network performance during peak periods and providing a more predictable fare environment for users.
The introduction of accelerated governance proposals is also notable, as it allows for faster community response to urgent network decisions, 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