- The potential approval of an Ethereum ETF has sparked significant interest in ETH-based altcoins, according to cryptocurrency platform Layergg.
- With the SEC’s likelihood of approving spot Ethereum ETFs jumping to 75% overnight, this development has propelled ETH and other cryptocurrency prices sharply upwards.
- “The approval of ETH ETFs could continue to fuel the rally, making the listed altcoins particularly intriguing,” noted Layergg.
Explore the impact of the anticipated Ethereum ETF on the crypto market and its potential to trigger a major altcoin rally.
Surge in Ethereum and Altcoin Prices
Following the news of a possible Ethereum ETF approval, Ethereum’s price has seen a dramatic increase of 21.7% in the last 24 hours. This surge is mirrored in double-digit gains across various Ethereum-based altcoins, signaling a robust market response.
Layergg’s 2024 ETH-Beta Watchlist
Layergg has curated a list of Ethereum-based altcoins that could be prime candidates for growth post-ETF approval. This list includes diverse projects like PEPE, PENDLE, and ENA, each poised to benefit differently from the ETF’s market influence. The selection criteria seem to focus on innovation, market potential, and recent performance trends.
Ethereum’s Market Position and Future Outlook
Despite Ethereum’s recent rally, it has been underperforming compared to Bitcoin since September 2022. The ETH/BTC trading pair is reportedly nearing its low, which might suggest a turning point or a significant market shift post-ETF approval.
Potential Catalyst for a Broad Altcoin Rally
Layergg speculates that the approval of an Ethereum ETF could not only enhance Ethereum’s market position but also trigger a widespread altcoin rally. This could particularly benefit the altcoins listed in the ETH-Beta Watchlist, which are considered to have high potential for gains.
Conclusion
The cryptocurrency market is on the brink of potentially transformative developments with the Ethereum ETF. Investors and market watchers are advised to keep a close eye on the evolving landscape and the altcoins poised to capitalize on these changes.
