Ethereum

Bitcoin

The post <a href="https://coinpedia.org/news/why-ethereum-could-lead-the-next-altcoin-rally/">Why Ethereum Could Lead the Next Altcoin Rally?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The cryptocurrency market has turned bearish in the midterm as <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s (BTC) price</a> slipped below $61k over the week. The notable cash outflows from the US-based spot Bitcoin exchange-traded funds (ETFs) in the past five days have weighed heavily on the bullish sentiments. 
On Friday, <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs</a> recorded their third consecutive day of inflows, with $11.8M on June 27.&nbsp; Fidelity was +$6.7M, Bitwise $BITB +$8M, and ARK $ARKB +$1.8M. While Grayscale $GBTC saw an outflow of $11.4M, while BlackRock $IBIT saw 0 movements. 
<h2 class="wp-block-heading" id="h-poppe-forecasts-an-altseason-if">Poppe Forecasts an Altseason, If</h2> 
According to a popular crypto analyst Michaël van de Poppe, the altcoin industry is on the cusp of gaining bullish momentum against Bitcoin after more than two and a half years. The crypto analyst <a href="https://x.com/CryptoMichNL/status/1806697286509973520" target="_blank" rel="noreferrer noopener nofollow">noted </a>that the ETH/BTC pair has shown some resilience against a downward trend. 
As a result, Poppe indicated that Ethereum price against the US dollar will rally exponentially in the near term, for as long as the ETH/BTC pair holds above 0.05. 
In his X <a href="https://x.com/CryptoMichNL/status/1806697286509973520" target="_blank" rel="noreferrer noopener nofollow">post</a>, he questions whether the upcoming <a href="https://markets.coinpedia.org/ethereum-etf/" target="_blank" rel="noreferrer noopener">Ethereum ETF</a> will trigger an altcoin season or if altcoins are in decline. He notes the ongoing negative sentiment but remains optimistic about altcoins, especially Ethereum, which he includes in his portfolio. 
Despite lower expectations for the Ethereum ETF compared to the Bitcoin ETF, he believes the impact could be significant due to Ethereum’s lower stock-to-flow ratio and its deflationary nature. 
<h2 class="wp-block-heading" id="h-crypto-impact-post-eth-etf-approval">Crypto Impact Post ETH ETF Approval</h2> 
He further went deep into the current market sentiment which was very negative leading up to the ETF approval, but Ethereum has since rebounded over 20% against Bitcoin. He argues that if Ethereum surpasses 0.06 BTC, it could catalyze a broader altcoin rally, boosting projects within the Ethereum ecosystem like Arbitrum and Optimism. 
First, historical cycles often show weak altcoin performance in the first half of the year, followed by strong momentum and returns from June onward, as seen with Chainlink’s significant gains in previous years.&nbsp; 
Second, the Federal Reserve’s potential rate cuts and declining treasury bond yields could lead to a fast Bitcoin recovery once current economic concerns settle. He expects this to boost Bitcoin, Ethereum, and the entire crypto ecosystem. Despite market corrections, van de Poppe remains confident in his investment strategy. 
<h2 class="wp-block-heading" id="h-future-outlook">Future Outlook</h2> 
Notably, the altcoin industry has already attracted notable attention from institutional investors as shown by the Solana ETP in Canada. Moreover, Bitcoin dominance is on the verge of a major reversal ahead, which will trigger heightened crypto cash rotation in favor of the altcoins. 
Are you excited? 
Read Also : <a href="https://coinpedia.org/news/shiba-inu-price-poised-for-a-massive-rally-as-it-enter-into-buy-zone/" target="_blank" rel="noreferrer noopener">Shiba Inu Price Poised For A Massive Rally As It Enter Into Buy Zone</a>

Why Ethereum Could Lead the Next Altcoin Rally?

Table of Contents

CoinPedia News

Other articles published on Jun 28, 2024

The Best Crypto Presale in June 2024, MoonBag Predicted to Reach $0.25 by Nov; Investors Prefer $...

ADA short positions spike; experts double down on Dogecoin, Angry Pepe Fork

Top Cryptocurrencies Ready To Mint New Millionaires This Cycle

Solana ETF Approval Could Skyrocket SOL’s Value 9x Higher, Report Finds

Bitcoin, Ethereum, Ripple Weekly Wrap – June 28

Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects 'Decent Year-End Run...

Join our free newsletter for daily crypto updates!