The altcoin market is poised for a potential surge, according to Aaron Arnold from Altcoin Daily. In his recent YouTube video, Arnold mentioned that the current calm in the altcoin market might precede a significant upswing. He highlighted that Bitcoin (BTC) reaching $70,000 and Ethereum (ETH) reclaiming $4,000 would be pivotal in sparking this movement.
Is It the Best Time to Accumulate Altcoins?
Historical trends suggest that altcoins often experience substantial gains after Bitcoin hits new highs, a phenomenon known as the “Wealth Effect.” Investors typically redirect profits from Bitcoin and Ethereum into altcoins, triggering a cascading effect. This influx of capital, combined with new investors seeking alternative opportunities, usually results in rapid price increases for altcoins. Access COINTURK FINANCE to get the latest financial and business news.
Arnold emphasized that Bitcoin is currently consolidating near its peak levels, which often precedes a major rally. Notably, 45% of Bitcoin’s supply has remained static over the last six months, indicating strong accumulation that could lead to a price surge.
Which Altcoins Could Surge Next?
The interest of global institutional investors in Bitcoin, coupled with potential ETF approvals, is likely to benefit the overall cryptocurrency market, including altcoins. Investments from major financial entities like Metaplanet and Goldman Sachs further strengthen this outlook.
Altcoins to Watch
– Solana (SOL): Expected to surpass $250, fueled by ETF launches and PayPal integrations.
– Aptos (APT): Notable for its high transaction throughput, exceeding Ethereum and Base.
– Injective Protocol (INJ): Significant in the DeFi sector with its decentralized derivatives trading.
– Toncoin (TON): Gaining traction due to its connection with Telegram and technical advancements.
– Maker (MKR): Enhanced DeFi governance features and new Grayscale funds highlight its importance.
In summary, the altcoin market could experience substantial growth if Bitcoin and Ethereum achieve the anticipated milestones. Investors should monitor these developments closely to capitalize on potential opportunities.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-and-ethereum-fuel-altcoin-hopes