๐คฏAltcoins From the Ethereum Ecosystem Rally By 20%, Bull Run Ahead?
๐ Ethereum Skyrockets: In the last 24 hours, Ethereum (ETH) surged 20% as the odds of a spot Ethereum ETF approval increased from 25% to 75%. The US SEC urged issuers to submit their 19b-4 filings quickly, boosting market sentiment.
๐ Altcoins Rally: On-chain data from Santiment shows a market surge due to the increased likelihood of Ethereum ETF approval. The top five trading days of 2024 were catalyzed by this news. Major altcoins like $ETH, $UNI, $PEPE, $BONK, and $LDO gained over 20%. Bitcoin's rise to $71,400 was overshadowed by the broader market rally.
๐ Market Surge: The overall crypto market jumped 8.5% in the last 24 hours, surpassing $2.6 trillion with daily trading volumes up 140%.
๐ Altseason Begins: After a month of consolidation, altcoins are back. Analyst Michael van de Poppe suggests altcoins have bottomed out and are poised for gains. He advises increasing risk appetite as the market prepares for potential gains, with the anticipated Ethereum ETF launch next week being crucial.
๐ก Regulatory Impact: Investor Anthony Pompliano noted that a spot Ether ETF approval could pave the way for other ETFs, bringing more altcoins under regulatory scrutiny.