The US Securities and Exchange Commission finally had to approve spot Bitcoin ETFs. Thus, 2024 started on a high note for the cryptocurrency market. Before the sharp correction, Bitcoin initially made a jump to $49,000. The altcoin market witnessed double-digit gains. However, the market lost ground with profit sales coming towards the end of the week. So, what’s next for the market? Crypto analyst Lark Davis points to these events for the next boom.
Altcoin projects are gaining momentum: Watch out for May!
cryptokoin.comAs you follow from, we witnessed a rally in the wake of Bitcoin ETF. Major altcoins such as Ethereum, Cardano and Avalanche have seen significant increases. Ethereum Classic, in particular, stood out with a 48% increase. However, the market gave back some of its gains with profit sales towards the end of the week.
The recent rally in altcoin prices is fueled by growing expectations within the crypto community regarding the SEC’s potential approval of spot-based ETFs for alternative cryptocurrencies. Lark Davis, a crypto analyst with a million-strong following, says spot Ethereum ETFs are likely. The analyst points to May for this. According to the analyst, Ethereum ETF may receive approval around May. Davis states that this will be a significant development for Ethereum and altcoins.
Meanwhile, Bloomberg analyst Eric Balchunas sees the likelihood of an Ethereum ETF in May at 70%. A16Z general counsel Miles Jennings says the SEC’s approval of Ethereum futures products indicates a positive stance on Ethereum. It also argues that it would keep it from being classified as a security.
Is an XRP ETF coming?
Following the landmark Ripple v. SEC case decision declaring XRP not a security, Lark Davis considers the potential for an XRP ETF. The crypto community is eagerly awaiting the next major post-Bitcoin ETF approval, with Valkyrie Funds co-founder and CIO Steve McClurg hinting at potential Ethereum or XRP ETFs.
The year we reached our biggest milestones!
Beyond these groundbreaking developments, there will be an Ethereum Dencun upgrade in 2024. Additionally, there are other important events such as Bitcoin’s halving event. Analysts paint a bullish picture of an altcoin boom in 2024. Lark Davis predicts this as “the biggest altcoin party ever seen.” This optimism parallels historical examples where the SEC’s approval of BTC futures funds triggered a spectacular rally of over 500% in altcoin prices.
If history repeats itself, it is possible that Ethereum, XRP, and other altcoins will experience significant growth in 2024. Moreover, altcoins are likely to potentially eclipse Bitcoin in market dominance. The crypto community stands on the threshold of a year full of expectations.
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