The cryptocurrency market is at a critical turning point. The selling pressure in Mentougou has ended. I have entered a state of holding coins and waiting. Although I occasionally buy some coins, my position is already very heavy and I am waiting for further development of the market.

The possibility of SOL and Dogecoin spot ETFs being approved has attracted market attention. They are considered to be the most likely cryptocurrencies to be approved after Bitcoin and Ethereum. After Bitcoin spot ETF and Ethereum spot ETF, these two projects will undoubtedly become the focus of the market.

Now let's talk about Bitcoin's dominance. It has reached its highest level since April 2021, which means that altcoins have a great opportunity. Despite the increasing number of altcoins in the market, good altcoins are still able to maintain their market position. Bitcoin's multifaceted nature shows that although many altcoins may return to zero after a cycle, excellent altcoins can continue to exist and grab market share.

Currently, there are several projects that are grabbing Bitcoin's market share, including Ethereum, stablecoins USDT and USDC, as well as BMB and Solara. Of course, Dogecoin cannot be ignored. The existence of these projects proves the vitality and potential of the altcoin market.

The recent plunge in the cryptocurrency market is mainly due to market concerns that the US government may crash the market. Although Bitcoin has tried to break through the trend line and rush to $70,000, it ultimately failed. However, such an attempt shows that Bitcoin has upward momentum.

Another reason why I firmly believe that the cryptocurrency market is about to turn is the interest rate hike by the Bank of Japan. I think we should look at the market and the market as a whole. Although the Fed's actions in June caused market fluctuations, it did not change my basic judgment on the future trend of the market. I believe that the market will be reshuffled, funds will flow back into the cryptocurrency market, and the next cycle will begin.

Therefore, I will take a wait-and-see attitude and stop trading frequently, but quietly wait for the market trend. Of course, I will occasionally buy some altcoins to see whether the final result is a profit or a loss. The structural process in Mentougou should have ended, and interest rates are about to be lowered. These are all signals of a market turning point.

In addition, FTX's repayment at the end of the year is also a point worth paying attention to. The only uneasy factor in the market at present is that Trump's chances of winning are not as great as before, and Hamas's support rate in the polls is close to Trump, which complicates the situation.

Despite this, I still choose to hold. At the same time, we should also pay attention to the approval chances of SOL ETF. This mainly depends on the attitude of the US SEC. If the SEC can cancel the securities identification of SOL, then the chances of SOL approval will be greatly increased. In addition, the Democrats cannot come to power and Trump needs to be re-elected. These are necessary conditions for the approval of SOL ETF.

SOL's decentralization and compliance are also key factors. If SOL can be further decentralized and the SEC chairman can be replaced by someone more friendly to cryptocurrencies, then SOL's ETF approval will be smoother. However, if SOL's ETF is approved too early, it may lead to price surges and market bubbles, which is also something to be wary of.

In contrast, Dogecoin's ETF may have a greater chance of approval because it is not listed as a security and has been running for ten years, making it sufficiently decentralized. Currently, Dogecoin and SOL are the two projects with the greatest opportunities in the market, and only projects with a high market value have a chance of approval.

Finally, I want to say that my personal current operation is to hold the currency and wait, and I believe that the market turning point is coming. Although the four-year cycle of Bitcoin may not be completely accurate, judging from the supply of Mentougou and the interest rate cut, I think the cryptocurrency market will definitely have a turning point, and this turning point may be at the end of the year.

I like spot or contract, and I am planning to ambush a potential coin that is ready to explode by 50% in the near future.
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