Altcoins
No Bitcoin! Altcoins Could Make You Rich With Market-Boosting Ethereum ETF!
The altcoin market cap (TOTAL3) is still 70% below its previous highs, while Bitcoin is close to its all-time high (ATH). Market experts suggest that the stage is set for a major altcoin rally, supported by positive developments such as the approval of the Ethereum Spot ETF by the U.S. Securities and Exchange Commission (SEC) on July 4.
Additionally, new ETF applications for Solana by VanEck and 21Shares are having a positive impact on market sentiment, shifting interest from Bitcoin to altcoins.
Is This the Spark That Ignites the Altcoin Fire? Dive Deeper to Find Out!
Bitcoin and Ethereum Performance
June ended on a positive note, with Bitcoin price recovering to $63.7k after an initial drop to $58.56k. At the same time, Ethereum (ETH) performed well against Bitcoin (BTC).
According to market analysts, the last time ETH broke through its resistance against BTC, it triggered a seven-month altcoin season from March 2021 to November 2021. Despite the fluctuations during this period, the overall rise in altcoin values was remarkable.
#BTC Monthly Dominance Chart 📊
In this case too we can see how #BTCThe dominance tests the resistance line (which has been there since March 2017) and in fact, every time it touches it, it always comes back below it
We can see how every time this happens, the recovery of $ETH And… pic.twitter.com/YxE9RAT5B0
— PaoloG.mtrg ⚡️🇮🇹 (@Paul250889) July 1, 2024
Is this the consolidation phase?
Market analysts suggest Bitcoin could be entering a consolidation phase after its recent parabolic rise. This could pave the way for exponential growth for Ethereum and other altcoins.
Ethereum, as the leading altcoin, looks set to significantly outperform Bitcoin, especially with the possible launch of Ethereum ETF trading by July 4.
Bitcoin Dominance Declines
BTC (BTC.D) Domination The monthly chart shows Bitcoin is testing its long-standing resistance line, which has held since March 2017. Historically, whenever BTC dominance hits this resistance and falls back, Ethereum and other altcoins have shown a substantial recovery.
A decline in BTC dominance indicates that altcoins are gaining value faster than Bitcoin, often signaling the start of an altcoin season.
Are you bullish on altcoins or sticking with Bitcoin? Let us know your investment strategies!