Ethereum ETF Approval and BTC Holding Above $70,000 Will Boost Shiba Inu, XRP, and Other Altcoins
- Renowned analyst gives a bold prediction on the altcoin market, claiming Ethereum (ETH) and Polkadot (DOT) may lead the charge for a monumental rally.
- According to him, the Ether ETF approval coupled with other factors could massively benefit ETH and the altcoin ecosystem at large.
Bitcoin (BTC) edges closer to setting a new all-time high price record with a seven-day surge of 4%, however, most altcoins appear unbothered at this point as the likes of XRP, Dogecoin, and Shiba Inu make negative gains in the last 24 hours. For crypto trader Michaël van de Poppe, the altcoin season is about to start with the likes of Ethereum (ETH), Polkadot (DOT), and XRP gearing up for a monumental rally. According to him, the market would be witnessing rare momentum running from late June to September or October.
The altcoins are ready for their upward run. I think we’ll be seeing a lot of momentum from late June until September – October. A repricing back to their normal values after the big cascade of the first period of the year.
His current observation of the market also indicates that the trio of cryptos led by Bitcoin are flashing signs of upward momentum with BTC breaking the $70k resistance level and moving towards the all-time high.
The upward momentum [of]Bitcoin continues to happen. $70,000 broke upwards, through which the important level is to hold $70,000 now for continuation to the all-time high.
At press time, Bitcoin was trading at $71,135, surging by 14% in the last 30 days and recording a market cap increase of 0.3% to reach $1.4 trillion.
Ethereum, Polkadot, and XRP “Ready for the Moon”
Outside the “realm” of Bitcoin, the coin to lead the altseason, according to Michael van de Poppe, is the leading smart contract platform Ethereum (ETH). Speaking to his 719k X followers, the analyst predicted that ETH would benefit massively from the approval of the S-1 filings for ETH-based exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
Ethereum is focusing on generating that higher low. I think certainty regarding the S-1 approvals is going to lead to a strong upward move and a higher low. Just a matter of patience.
Truly, alluding this position to the short-term impact of the approval of the Bitcoin-related product on the price of the underlying asset indicates a potential price appreciation in ETH.
At press time, ETH was trading at $3,817. However, the price had declined by 0.7% in the last 24 hours and 3% in the last 90 days.
Fascinatingly, Polkadot (DOT), has been tipped to have a dominant position in the potential altcoin movement considering its fundamental growth recently. This project has been focusing on Real World Assets (RWA) with several jaw-dropping projects within the ecosystem. According to van de Poppe, there is still time to accumulate.
DOT is doing great in fundamental growth. They are focusing on RWA (real-world assets) and have multiple great projects within the ecosystem (Centrifuge and Energy Web). Right now, the price starts to crawl upwards and I think it’s still a great time to accumulate a position.
At press time, DOT was trading at $7.1 after declining by 0.31% in the last 24 hours.
Finally, XRP has been tipped for greatness as investors await crucial decisions on the ongoing court case between SEC and Ripple Labs. Currently, XRP is trading at $0.52 after declining by 0.02%.
