next two weeks, altcoin It will be an important turning point for the market. The United States House of Representatives is preparing to vote on the crypto bill called the Financial Innovation and 21st Century Technology Act (FIT21). Additionally, the United States Securities and Exchange Commission (SEC) will vote on spot Ethereum ETFs this week, and this vote will have a major impact on the altcoin industry.
FIT21 bill and spotlight Ethereum ETFSpeculations about the high probability of approval of ‘s have caused intense activity in the crypto market recently. Currently, the total crypto market cap has increased by more than 8%, reaching approximately $2.76 trillion on Tuesday.
With most crypto sellers turning into buyers, a new short squeeze has been triggered in the market.
What’s Next for the Altcoin Market?
According to popular crypto analyst Michaël van de Poppe, the altcoin market cap, aka TOTAL2, has completed its latest correction. Poppe stated that the altcoin market cap is well positioned for a new rise and is ready to retest the all-time high (ATH). He particularly pointed out that the price of Ethereum against the dollar has entered an upward trend in recent days.
The analyst predicts that Ethereum price will retest the ATH level in the next two to four months.
With the on-chain activity of major crypto traders increasing, Poppe advised investors to pay attention to the Ethereum ecosystem, especially second-layer projects such as Arbitrum (ARB) and Optimism (OP).
Other altcoins, especially meme coins, will soon follow Ethereum into a similar uptrend.
