Glassnode team predicts that the altcoin season may start soon. The recent increase in ETH, XRP and SOL Coin may have heralded the beginning of this season. ETH's ETF listing could accelerate the rise in altcoins.

Cryptocurrencies have regained momentum following Bitcoin's recent rally, with three of the 50 largest altcoins leading the way. While investors are worried that the BTC price will drop below $50,000, at the time of writing the BTC price is above $62,000. So, which three altcoins can generate profits for investors?

“Altcoin season” or “altcoin bull” refers to the period when at least 75% of assets other than Bitcoin outperform BTC. This season has not started yet as we used to in the past. Glassnode founders Jan Happel, Rafael Schultze-Kraft and Yann Allemann state that the increase in SOL, ETH and XRP prices reflects market confidence and that the old days will return soon. Happel said, “We had a similar day in November 2020; IWM rose then too and continued to rise in the following months. This was the beginning signal of the strongest period of the altcoin rally. Total3 rose nearly 400% in just 4 months. Will we see this again? Could there be a big rally in altcoins? We think this is possible!” says.

Over the last 7 days, SOL Coin price increased by 9.31%, while ETH gained 9.56% and XRP gained more than 20%. XRP Coin gained roughly 40% on the anniversary of summary judgment on July 13, 2023. Although not all of these gains were maintained, they still remained at a satisfactory level. At the time of writing, the XRP price is not far from $0.53.

Another important point is the belief that this week the SEC will make a positive statement regarding the listing of the ETH ETF. Issuers have completed their final Form S-1 uploads and management fees have become clear. The files, which have been revised at least three times, are now in their final form and the SEC is expected to order the listing on the stock exchanges this week. Experts predict billions of dollars of net inflow for the ETH ETF, as for BTC, and this is promising for altcoins. If this trend continues, listing news could kick off alt season; Otherwise, all of this may remain a bull trap.

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