The post Bitcoin Bottom and Upcoming Ethereum ETF to Boost Altcoins appeared first on Coinpedia Fintech News
As Bitcoin struggles to stabilize around $56,600 after briefly dropping to $53,500, crypto analysts are making bold predictions that could spark investor excitement. With speculation that Bitcoin has hit its bottom and the Ethereum ETF set to go live, altcoins are poised for a significant surge.
The crypto analyst asserts that Bitcoin’s final bottom lies between $52,000 and $54,000. Despite recent volatility, this range is believed to mark the end of Bitcoin’s downward trend. This prediction comes at a time when many investors are uncertain about Bitcoin’s short-term future, making it a crucial moment for market watchers.
#Bitcoin bottom is here and Alts will explode soon with the Ethereum ETF going live. Focus on potential narratives for the next leg!$52-54k is the final bottom. Are you ready guys?
— WStephen (@WestDin0) July 6, 2024
Ethereum ETF Launch to Propel Altcoins
The upcoming launch of the Ethereum ETF is expected to have a substantial impact on the cryptocurrency market by attracting a wave of institutional investments. This move is expected to provide a significant boost not only to Ethereum but also to other altcoins.
As these assets garner more attention and investment, their prices could witness notable upward movements.
However, examining the performance of the top 50 non-stablecoin altcoins reveals a mixed picture, only seven tokens recorded gains, while approximately 13 managed to outperform Bitcoin. However, five of these tokens experienced losses, highlighting the volatile nature of the market despite positive indicators.
Bitcoin Dominance Falling Badly
BTC dominance had been steadily rising since the start of the year, following a clear upward trend. However, the crypto market’s performance in late June and early July disrupted this trend, causing BTC.D to slip below its previous uptrend line.
The current drop in crypto prices has left many BTC without buyers, primarily accumulating in over-the-counter (OTC) reserves. OTC transactions are crucial for calculating institutional interest, and the current crash in these transactions suggests a declining enthusiasm among institutions to purchase Bitcoin.
As of now, Bitcoin’s dominance stands at 54.80%, having dropped more than 2% within just 24 hours. This decline has sparked speculation among observers that the beginning of an altcoin season may be underway.