Altcoin
Altcoin market cap signals an inevitable bull run to an all-time high soon led by Ethereum
The next two weeks will mark a major turning point for the entire altcoin industry as the US House of Representatives prepares to vote on the cryptocurrency bill dubbed Financial Innovation and Technology for the 21st Century Act (FIT21). Additionally, the US Securities and Exchange Commission (SEC) will be voting on Ethereum ETFs on-site later this week, which will shed a lot of light on the altcoin sector.
As a result, speculation about the high probability of passing the FIT21 law and Ethereum spot ETFs has increased cryptocurrency speculation in the recent past. As of this writing, the total cryptocurrency market capitalization gained more than 8% to approximately $2.76 trillion on Tuesday.
Most cryptocurrency sellers have already turned to buyers, thus triggering a rejuvenated short squeeze.
What future for the Altcoin market?
According to renowned crypto analyst Michaël van de Poppe, the market capitalization of altcoins, aka TOTAL2, has completed its recent correction. As a result, Poppe indicated that the altcoin market cap is well-positioned for a rally to the all-time high (ATH). Additionally, most altcoins driven by the price of Ethereum versus the US dollar have broken out of a bullish flag in recent days.
The crypto analyst pointed out that the price of Ethereum against the US dollar will rise to repeat its high in the next two to four months.
So
With heightened on-chain activity for whale cryptocurrency traders, Poppe advised investors to pay close attention to the Ethereum ecosystem, including second-tier projects like Arbitrum (ARB) and Optimism (OP).
Other altcoins led by meme coins will soon follow the same path as Ethereum in a bullish breakout.