- Altcoins have stolen spotlights from Bitcoin, even though Bitcoin got approval for spot ETFs.
- ETC and ENS recorded 48.63% and 39.59% gains, respectively, while Bitcoin hit $47K and dropped back.
- The altcoin market is poised for a more uptrend in the upcoming weeks with the expected ETH and XRP ETFs.
While the U.S. regulator has approved exchange-traded funds for Bitcoin, the alternative crypto market, led by Ethereum, has stolen the spotlight from Bitcoin. According to data from market tracking resources, Bitcoin has only moved from $45,300 to $47,650 since the approval. While this represented a notable 5.17% gain, BTC has since retraced to around $46,700 at press time.
Meanwhile, the altcoin market has broken out significantly, with tokens such as Ethereum Classic (ETC) and Ethereum Name Service (ENS) recording 48.63% and 39.59% gains in the past 24 hours, respectively. Interestingly, ETC printed 11% in under one hour as market participants trooped in, pushing its 24-hour volume to $2.21 billion.
Other altcoins leading the ETF-induced rallies are Sui (SUI), boasting a 28% surge; Mantle (MNT), with a 23.37% increase; and Blur (BLUR), showing a 21.56% uptick.
Cardano (ADA) and Avalanche (AVAX) stand out as the top performers among the ten most valuable cryptocurrencies, registering gains of 15.91% and 12.78%, respectively. Ethereum closely follows with an 11% uptick.
Amid these praiseworthy performances, prominent crypto analysts have argued that the Bitcoin ETF development could be the foundation for the first real altcoin season for this unfolding market cycle.
Furthermore, the approval of the Bitcoin spot ETF has opened doors for spot ETFs centered on altcoins. In particular, among the 11 companies approved to list and trade Bitcoin spot ETFs are asset managers that have already submitted similar applications for Ethereum. This includes Grayscale and BlackRock.
Additionally, there is heightened speculation that XRP, the sole altcoin with a clear U.S. regulatory status, may witness the emergence of an exchange-traded fund. Given that the due date for the U.S. regulator’s decision on an Ethereum spot ETF is May 2024, this suggests that the altcoin market may be set for a more substantial uptrend in the upcoming weeks.
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