The recent approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in Hong Kong has injected new vigor into the altcoin market. There are also reports of pending approval for mainland China investors to engage with the Hong Kong-based crypto ETFs, which surged the total crypto market cap by over 2% to approximately $2.5 trillion on Monday.
Following Bitcoin (BTC), Ethereum (ETH) led the altcoin industry in a bullish recovery after enduring a five-week bearish slump.
Significant Industry Movements
In recent months, the crypto industry has been buzzing with activity, highlighted by the latest Bitcoin halving, the conviction of former FTX CEO Sam Bankman-Fried, and the departure of Binance CEO Changpeng Zhao.
The anticipated U.S. approval of a spot Ethereum ETF is fueling debates about the next phase of adoption for the crypto and web3 sectors. Leading the charge in the tokenization of real-world assets (RWA), experts predict an influx of billions of dollars into this area shortly.
Venture capital firms have been active, with over $1 billion raised in April alone. Notably, BlackRock supported Securitize in securing $47 million to develop a tokenization platform.
ETHEREUM PRICE UPDATE
– Similar fractal as of Q4 of 2020
– Breakout could happen in Q3 of 2024 as per historical pattern
Once it breaks out, the 100x altseason will begin with ETH leading its way towards $15,000. pic.twitter.com/F1Zr6mQeHB— Ash Crypto (@Ashcryptoreal) May 6, 2024
Crypto analyst Ash Crypto, known on the X platform, suggests that Ethereum’s price trajectory is crucial to the forthcoming altcoin season. He notes that Ethereum’s pricing patterns against the U.S. dollar are mirroring the bullish trends of 2020.
Should Ethereum hit a new all-time high in Q3, Ash Crypto predicts a booming altseason that could propel Ethereum’s value to $15k.
By Andrej Kovacevic
Updated on 14th July 2024