Altcoin
Bitcoin and Ethereum ETFs could make “June a really good month for altcoins,” predicts one veteran trader
June 7, 2024 10:54 am | 2 minute read
The strong performance of Bitcoin (CRYPTO: Bitcoin) Spot ETFs and upcoming ones Ethereum (CRYPTO: ET) Spot launch of the ETF it should bode well for altcoins, according to a well-known trader.
What happened: Head of Crypto shared his optimistic outlook for altcoins in June, saying that artificial intelligence, real-world asset tokens, meme coins and Ethereum and Solana (CRYPTO: SOL) ecosystems look good.
Boss declared that despite the recent underperformance of altcoins compared to Bitcoin, the scenario could change soon. He attributed the recent struggles of altcoins to the Bitcoin ETF narrative, which has overshadowed other cryptocurrencies.
He further explained that with the upcoming Ethereum ETF narrative, the market may be entering the final phase of the current run. This change could lead to a significant inflow of capital into altcoins, potentially reversing their recent downward trend.
The week before, Chief tweeted That Polka dot (CRYPTO: POINT) the chart looks good with “the price at important support and the formation of a new uptrend”. He added that among the major blockchains, Polkadot is a leader in the advancement of artificial intelligence and gaming.
Read also: Top Crypto Analyst Reshuffles Altcoin Portfolio Before Ethereum ETF: Here’s What It Turned Into
Because matter: Capo’s insights come at a time when the approval of a Bitcoin ETF has already had a considerable impact on the market. With the potential introduction of an Ethereum ETF, investors are eager to see how this will affect the broader cryptocurrency market.
It suggests that altcoins, which have lagged behind Bitcoin in recent months, could see renewed interest and investment.
Well-known cryptocurrency trader Michael Van De Poppe highlighted as he reshuffled his altcoin portfolio focusing on higher ROI prospects ahead of Ethereum ETF trading. “Altcoins will do very well,” she said, attributing the recent underperformance to the impacts of the Bitcoin ETF.
What’s next: The influence of Bitcoin as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
Read next: What does the Ethereum ETF mean for Altcoins and Meme Coins
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