As the United States House of Representatives prepares to vote on the crypto bill called the Financial Innovation and Technology for the 21st Century Act (FIT21), the next two weeks are all altcoin It will be an important turning point for the industry. In addition, the SEC will vote on spot Ethereum ETFs later this week, which will shed significant light on the altcoin industry.
As a result, speculation about the high likelihood of approval of the FIT21 bill and spot Ethereum ETFs has been rife in recent years. crypto- increased speculation. At the time of writing, Tuesday’s total crypto market cap had increased by over 8 percent to approximately $2.76 trillion.
Already, most crypto sellers have turned into buyers, thus triggering a rejuvenated short squeeze.
What’s Next for the Altcoin Market?
According to Michaël van de Poppe, a popular crypto analyst, the altcoin market cap, aka TOTAL2, has completed its latest correction. As a result, Poppe stated that the altcoin market cap is well positioned for a rally to retest the all-time high (ATH). Moreover, in the past few days, most of the altcoins broke the bullish flag, led by the Ethereum price against the US dollar.
The crypto analyst emphasized that Ethereum’s price against the US dollar will rise to retest its ATH in two to four months.
With increased on-chain activity for crypto traders as a result, Poppe advised investors to pay close attention to the Ethereum ecosystem, including two-layer projects such as Arbitrum (ARB) and Optimism (OP).
In addition, according to the analyst, other altcoins, led by meme coins, will soon rise and follow the same path as ETH.
