Altcoins
Altcoin to Soar as Spot ETH ETF Launch Nears, Vertex CEO Says
As the cryptocurrency market consolidates this Friday, altcoins are sending mixed signals ahead of the launch of the ETH spot ETF. Predictions abound that this cycle could miss an alt season due to the current market lull. However, Darius Tabai, CEO of Vertex Protocol, a decentralized exchange (DEX) based on Arbitrum (ARB), suggests that ETF ETH could have a positive impact on altcoins.
Impact of ETH ETF on Altcoins
The upcoming launch of Ethereum spot ETFs could surprise the market, says Darius Tabai, CEO of Vertex Protocol, an Arbitrum-based decentralized exchange (DEX). He believes the market has not fully priced in the potential impact, which could lead to a 25% price increase or more for Ethereum. Tabai believes the market could be surprised by a sudden spike in the price of Ether.
Tabai also notes that a rise in Ethereum’s price could boost other altcoins, differentiating this situation from the Bitcoin ETF launch, which saw altcoins struggle. The potential ripple effect on the broader altcoin market could be significant.
Divergent views on performance
Not everyone shares Tabai’s optimism. Sergei Gorev, a risk manager at YouHolderdoubts that the Ethereum ETF will drive up prices as much as the Bitcoin ETFs did earlier this year. In January, Bitcoin surged more than 80% in two months after the ETFs launched. Gorev points out the issue of Ethereum staking, which could deter investors since staking is not available for Ethereum ETFs.
In addition, he points out that summer trading volumes fell by 17% due to many investors taking vacations.
Ether Could Hit $6,000
Echoing the bullish sentiment, crypto Timothy Peterson, passionate made bold predictions for Ethereum. According to his analysis, the price of Ethereum could climb to between $4,600 and $6,000 by March 2025.
He also noted that the price of Ether is currently “atop” the 200-day moving average (MA) and “will eventually break above the level around the ETF launch.”
From now on, Ethereum trades at $3,407which represents a 10% increase over the past seven days. At the same time, 24-hour trading volume jumped 3%, with a market capitalization of $409 billion.
Also see: Will the Ethereum Spot ETF Trigger a New Cryptocurrency Wave? Here’s What to Expect