Altcoins
Top Altcoins to Watch Ahead of Ethereum ETF Launch
The cryptocurrency market capitalization jumped more than 3% in the past 24 hours, reaching around $2.5 trillion on Tuesday in early European trading. Bitcoin (BTC) saw its price increase by around 3% to $65,000 before retreating slightly to $64,400 at the time of writing.
The rally in Bitcoin’s price has allowed it to reclaim the 50-day and 200-day moving averages (MAs), establishing them as critical support levels. This notable rebound in Bitcoin’s price has also had a positive impact on the entire altcoin market, with Ethereum (ETH), Solana (SOL), and BNB leading the way.
Understanding the market rise
The cryptocurrency market has been influenced by the recent assassination attempt on pro-cryptocurrency US presidential candidate Donald Trump. The Fear and Greed Index has climbed to around 65%, indicating an increase in market greed as the Bitcoin price has surpassed $64,000.
US Spot Bitcoin ETFsled by BlackRock’s IBIT, recorded more than $1 billion in inflows last week, with an additional $300 million on Monday alone. Meanwhile, rumors suggest that the U.S. SEC has approved several Spot Ether ETF to begin trading by Tuesday, July 23.
Altcoins offer promising opportunities
In recent months, the altcoin market has offered a lucrative opportunity for long-term investors. Veteran trader Peter Brandt and other analysts predict that the cryptocurrency industry is about to enter a euphoric phase after a 20-40% correction over the past four months.
According to crypto intelligence platform Santiment, investors should focus on altcoins with increased address activity to maximize potential returns. Santiment has identified Render (RNDR), Aave (AAVE), and Maker (MKR) as the most promising altcoins due to their notable increase in address activity recently.
Read also: Ethereum ETF Launch Date Confirmed: SEC Greenlights Trading for July 23