With the latest developments, led by Ethereum altcoin market attracted attention. According to data received, Bitcoin has only increased from $45,300 to $47,650 since approval. While this represents a significant gain of 5.17%, BTC has fallen back to around $46,700 at press time.
Meanwhile, the altcoin market has seen a significant rise, with tokens such as Ethereum Classic (ETC) and Ethereum Name Service (ENS) recording gains of 48.63% and 39.59% respectively in the last 24 hours. Interestingly, with the participation of market participants, ETC gained 11% in less than an hour, increasing its 24-hour volume to $2.21 billion.
Other altcoins leading ETF-driven rallies were Sui (SUI), with a 28% increase; Mantle (MNT), up 23.37%; and with an increase of 21.56% Blur (BLUR) happened.
Cardano (ADA) and Avalanche (AVAX) stand out as the best performers among the ten most valuable cryptocurrencies, recording gains of 15.91% and 12.78% respectively. Ethereum follows closely behind with an increase of 11%.
Bitcoin ETF development could be the basis for the first true altcoin season for this emerging market cycle, leading crypto analysts say defended.
After the #Bitcoin ETF news, it looks like the #altcoins The market is breaking higher too.
Could be getting close to the first real altcoin-season of this cycle.
We’re in for a ride. pic.twitter.com/jx7FCzrZPM
— Jelle (@CryptoJelleNL) January 11, 2024
Additionally, the approval of the Bitcoin spot ETF has also opened the doors for spot ETFs focused on altcoins. Notably, the 11 companies approved to list and trade Bitcoin spot ETFs include asset managers who have filed similar applications for Ethereum. These companies include Grayscale and BlackRock.
Koinfinans.com In addition, as we reported, speculation is growing that XRP, the only altcoin with clear regulatory status in the US, could see the emergence of an exchange-traded fund. Considering that the deadline for the US regulator’s decision on the Ethereum spot ETF is May 2024, this suggests that the altcoin market could enter a more significant uptrend in the coming weeks.