A widely respected cryptocurrency strategist says a certain group of altcoins stand to benefit massively from the acceptance of the spot market Ethereum (ETH) exchange-traded fund (ETF).
Pseudonymous analyst DonAlt told his 554,400 followers on social media platform
“Think of the ETH ETF taking a significant bid away from BTC. Think ETH ETF will lead to ETH rising which will lead to more foolishness in the market. “I think this is fundamentally good news for ETH alternatives, but considering they have been depressed for so long that they are very cheap, there is a lot of value in them.”
Yesterday, the cryptocurrency market surged following reports that the Ethereum ETF had a 75% chance of receiving approval from the U.S. Securities and Exchange Commission (SEC).
According to DonAlt, the Ethereum ETF will give a major boost to the cryptocurrency market.
“Anyway, if we get the ETH ETF, all bets are off. Latency may rise to a new ATH (highest ever) level and we will all be friends again. “I think that would be outrageous and I think it would change minds about a lot of things in the short term.”
The analyst mentions one altcoin that is likely to witness a breakout rally once the Ethereum ETF is approved.
“(Pepe) is a major ETH memecoin. If we really get an ETH ETF I won’t fade it. “Technically it’s still below resistance, but I don’t like the chances of it holding up.”
As of this writing, Pepe (PEPE) is trading at $0.0000111, well above DonAlt’s resistance level.
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