“The recent approval of the Ethereum ETF in the United States has had a substantial impact on altcoins in the current bullish market. When Bitcoin corrects, Ethereum often leads the way, showing impressive gains. Ethereum’s upward trend may coincide with Bitcoin’s consolidation phase, during which investor attention and capital flow toward established altcoins, resulting in significant price appreciation,” Fyqieh explained.

Fyqieh added that the altseason might undergo a consolidation phase before gaining full momentum. Following the Ethereum ETF, several other altcoins, including XRP, Litecoin (LTC), Solana (SOL), Pepe, and Floki, may also seek their fortunes. The market appears bullish in welcoming ETFs in an unprecedented manner.

On the other hand, a positive factor that could drive Bitcoin’s price higher is the achievement of the Bitcoin ETF. The US Spot Bitcoin ETF has reached a milestone of holding 1 million BTC, representing 5% of the total supply. The top three Bitcoin ETF holders are Grayscale, BlackRock, and Fidelity.

The trading of Bitcoin and Ethereum ETPs on the London Stock Exchange on May 28, 2024, also marks a significant step, highlighting the growing adoption of crypto assets by traditional financial institutions. Many speculate that Bitcoin might experience a rally following this achievement.

Baca Juga:
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Amid the rising potential of altcoins in the crypto market, Tokocrypto has launched the Top Up Dapet Profit (TDP) and 100% USDT Cashback programs, offering total rewards of up to Rp60 million. These programs are designed to incentivize users who actively trade and top up on the Tokocrypto platform from May 22 to June 15, 2024.

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