Ethereum (ETH) ETF Buzz Ignites Bitcoin (BTC) and Altcoin Market Rally

• Standard Chartered predicts Bitcoin will surpass its $73,798 record this week.
• The potential green light for an Ethereum ETF fuels optimism, driving Bitcoin’s price surge.
• Geoff Kendrick, the Head of FX Research and Digital Assets Research at Standard Chartered, has predicted a new all-time high (ATH) for Bitcoin by the coming weekend.

Standard Chartered forecasts Bitcoin’s new ATH, driven by Ethereum ETF optimism.

Bitcoin’s Imminent Record Surge

Geoff Kendrick noted in an interview that the flagship crypto would surpass the current $73,798 ATH, achieved on March 14, before the weekend is over. Citing the potential approval of an Ethereum exchange-traded fund (ETF) this week, the research expert believes it would further legitimize the crypto sector, boosting Bitcoin’s adoption. He asserts that this week’s anticipated new high aligns with his $150,000 target for Bitcoin by year-end and a $200,000 target by December 2025.

Renewed Optimism Among Spot Bitcoin ETF Investors

Kendrick highlighted the renewed optimism among spot Bitcoin ETF investors, which has invigorated the ecosystem. This has led to increased inflows, bringing the total value to $12.9 billion at the time of the interview. Data from Soso Value shows this figure has since risen to $13.17 billion.

Ethereum and Altcoins Rally

Bitcoin embarked on a significant rally following a recent notice by the U.S. Security and Exchange Commission (SEC), requesting updates to 19b-4 filings for spot Ethereum. The SEC’s request signaled potential progress toward an Ethereum ETF approval. It also increased the chances of approval from 25% to 75% based on the crypto industry’s sentiments.

Memecoins Lead the Charge

Beyond Bitcoin, many altcoins also rallied, signaling a resurgence of bullish sentiment. Pepe and Floki led the memecoin rally, outperforming other cryptocurrencies. Pepe spiked by 59% in the past 48 hours, while Floki gained 30%.

Ethereum’s Breakout

Most notably, Ethereum, the flagship altcoin, broke out of a 5-week range to rally 26% in the past 48 hours. With the surge, Ethereum climbed above multiple resistances, opening the way for retesting this year’s high of $4,093, which it established in March. ETH traded for $3,754 at the time of writing, having retraced slightly from yesterday’s $3,841 high, according to data from TradingView.

Conclusion

The cryptocurrency market is witnessing a significant surge, driven by renewed optimism and potential regulatory approvals. Bitcoin is on the brink of a new ATH, while Ethereum and other altcoins are also experiencing substantial gains. Investors should stay informed and watch for further developments as the market evolves.