Bitcoin has soared in recent weeks due to excitement over the launch of a spot Bitcoin ETF in the United States. Altcoins are now also starting to rise and a few hours ago it was announced that the largest asset manager in the world also wants to launch an Ethereum spot ETF.
In response to this news, the price of Ethereum rose by 10%. Has the altcoin season finally started?
Crypto market at its highest level in 14 months
The massive increases have pushed the crypto market’s total market capitalization to its highest level in 14 months.
The big question now is of course whether this means a new bull market. The answer to this question obviously requires additional confirmation. After all, we are still far from all-time highs of most currencies.
Even Bitcoin would need to nearly double from here to break its all-time high of $69,000. In that respect, it seems a bit early to talk about a new bull market, but it is fantastic to see that the market is already starting to revive in the run-up to 2024.
Top altcoins are performing strongly
The large altcoins in particular are currently experiencing strong development and are showing a significant increase.
Ripple’s XRP seems to be the king right now, up 45% in the last 60 days. Ethereum is also starting to gain momentum, up 10.21% in the past 24 hours and 17.55% in the past seven days.
This means that Bitcoin is finally starting to gain ground again, after overtaking Ethereum weeks ago due to enthusiasm for the Spot Bitcoin ETF.
Now BlackRock is also working on a spot Ethereum ETF and the playing field in this area seems to be level again.
Source: BTC Direct
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
