Best Altcoins to Monitor Before Ethereum ETF Debut
The cryptocurrency market experienced a notable surge recently, potentially linked to the failed assassination attempt on prominent pro-crypto figure Donald Trump. This surge led to a 3% increase in the market cap, reaching around $2.5 trillion during the early European trading session on Tuesday. Bitcoin (BTC) saw a price uptick of approximately 3%, reaching $65,000 before slightly retracting to $64,400 at the time of the report.
Bitcoin’s resurgence in price enabled it to recapture both the 50- and 200-day Moving Averages (MA), solidifying these levels as crucial support points. This upward momentum in Bitcoin’s price also had a positive ripple effect on the broader altcoin market, with Ethereum (ETH), Solana (SOL), and BNB leading the charge.
The recent market movement in the crypto sphere has been influenced by the failed assassination attempt on Donald Trump, a notable advocate for cryptocurrencies. The fear and greed index surged to about 65%, signaling an increase in market greed as Bitcoin’s price surged above $64,000.
US spot Bitcoin ETFs, led by BlackRock’s IBIT, witnessed inflows of over $1 billion last week, with an additional $300 million influx on Monday alone. In tandem with this, rumors circulated that the US Securities and Exchange Commission (SEC) has given the green light for several spot Ether ETFs to commence trading by July 23.
In recent months, the altcoin market has emerged as a promising avenue for long-term investors. Seasoned trader Peter Brandt and other analysts anticipate that the crypto sector is on the cusp of entering a euphoric phase following a correction of 20-40% over the past four months.
According to insights from the crypto intelligence platform Santiment, investors are advised to focus on altcoins exhibiting increased address activity to maximize potential returns. Santiment highlighted Render (RNDR), Aave (AAVE), and Maker (MKR) as standout altcoins due to their recent surge in address activity, signaling promising future bullish behavior.
The current market dynamics underscore the evolving landscape of cryptocurrencies, with Bitcoin’s resilience and the growing interest in altcoins shaping investor sentiment and market trends. As the crypto market continues to evolve, investors are closely monitoring developments and strategic opportunities within the digital asset space.
