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2024 started on a high note with the groundbreaking approval of spot ETFs for Bitcoin by the U.S. Securities and Exchange Commission (SEC). Despite Bitcoin’s stable pricing in the $45K-$47K range, the altcoin market witnessed a surge, notably Ethereum Classic (ETC) soaring by 48%, leading the way for other major altcoins such as Ethereum (ETH), Cardano (ADA), and Avalanche (AVAX) with double-digit gains.
So, what’s next for the market? Here’s all you must know to navigate the future!
Altcoins Pick Pace
The recent rally in altcoin prices is fueled by rising expectations within the crypto community about the SEC’s potential approval of spot-based ETFs for alternative cryptocurrencies. Crypto analyst Lark Davis, known as “Crypto Lark,” speculates Ethereum spot ETFs might gain approval around May, a significant development for the second-largest cryptocurrency. Bloomberg analyst Eric Balchunas puts the odds of an Ethereum ETF in May at 70%.
Miles Jennings, A16Z general counsel, suggests that the SEC’s approval of Ethereum futures products signals a favorable stance on Ethereum, steering clear of classification as a security.
Is An XRP ETF Coming?
Following the Ripple SEC lawsuit’s landmark ruling declaring XRP not a security, Crypto Lark considers the potential for an XRP ETF. The crypto community eagerly awaits the next major ETF approval post-Bitcoin, with Steve McClurg, co-founder and CIO of Valkyrie Funds, dropping hints about potential Ethereum or XRP ETFs.
2024 – The Year We Hit the Biggest Milestones!
Beyond these groundbreaking developments, 2024 promises other significant events, including the Ethereum Dencun upgrade and the Bitcoin halving. Analysts paint a bullish picture of an altcoin boom in 2024. Lark Davis envisions it as “the biggest altcoin party ever seen.” This optimism draws parallels to historical precedents, where the SEC’s approval of BTC futures funds triggered a spectacular rally in altcoins, soaring over 500%.
If history repeats itself, Ethereum, XRP, and other altcoins could experience substantial growth in 2024, potentially overshadowing Bitcoin in market dominance. The crypto community stands at the brink of a year filled with anticipation. Folks, we’re in for a wild ride. We’re excited – are you?
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