Co-founder of venture capital firm Mechanism Capital, Andrew Kang, shared a post on social media platform X, providing his insights into the cryptocurrency market.
In a recent post, he noted that ETH is nearing $3,600 as it rebounds ahead of the spot Ethereum exchange-traded fund (ETF) listing. However, there is an expectation that the ETH to BTC ratio may decline temporarily following the approval or launch of the ETFs.
He suggests that BTC’s resilient performance despite challenging market dynamics could signal important undisclosed developments. These may include entries from major new players like the founder of Dell, potential shifts in Chinese cryptocurrency regulations, and the introduction of ETFs, along with broader national-level initiatives embracing Bitcoin. If these scenarios materialize, Andrew Kang believes BTC may have found support around $50,000, revising his earlier projection that BTC could drop to $40,000.
He also noted that most Altcoins are currently achieving only modest gains in this rally, with a few notable exceptions like Mog, Popcat, and Apu showing strong performance.
ETH heading close to $3600 pre-ETF on this relief rally
Still believe ETHBTC will be down for a while after ETF approval/launch
BTC stronger than anticipated in the face of poor market structure dynamics leads me to believe that there are likely some unannounced major… https://t.co/iCgGmGxof2
— Andrew Kang (@Rewkang) July 15, 2024
Bitcoin Witnesses Gains Following Ongoing Inflows Into Spot Bitcoin ETFs
At present, Bitcoin is trading at $63,070, reflecting a modest gain of more than 0.30% in the last 24 hours. During this period, its lowest and highest points were noted at $62,359 and $64,988 respectively. The recent uptick in Bitcoin’s value coincides with ongoing inflows into spot Bitcoin ETFs, with investments totaling $301.4 million recorded on July 15th, as per data from SosoValue.
Bitcoin’s market dominance is recorded at 53.69%, indicating a slight 0.17% decline from the previous day, suggesting that gains in the altcoin market have somewhat overshadowed Bitcoin’s performance.
Meanwhile, ETH is trading at $3,392, marking a rise of more than 0.52% in the last 24 hours. During this period, its lowest point was recorded at $3,333, while the highest reached $3,496. In addition, altcoins encompassing Solana (SOL) and XRP have also shown upward price movements.
The global cryptocurrency market cap rose by 0.54% over the same period, achieving a mark of $2.32 trillion. Meanwhile, the total cryptocurrency market volume surged by 47.87% from the last day to $88.72 billion, as reported by CoinMarketCap.
The post Bitcoin May Have Bottomed Out At $50,000, While Ethereum Could Reach $3,600 Before ETF Launch, Notes Andrew Kang appeared first on Metaverse Post.
