All eyes are on Bitcoin today as the U.S. Securities and Exchange Commission approved a spot ETF. However, there appears to be some merit to the suggestion that the news is already priced in.. BTC remains stagnant, but altcoins are flying.
On January 10th, the SEC finally approved a number of spot Bitcoin ETFs from various fund managers, including BlackRock and Fidelity.
Igniting the ‘Alt Season’
However, Bitcoin price rose slightly to $47,600 before falling again. It’s only up 1.3% in the last 24 hours.
In fact, the previous day, the SEC social media account was hacked with fake ETF news, causing the BTC price to rise further.
Many analysts have suggested that Bitcoin prices have already priced this in and this could be a news selling event. This appears to be true.
However, the SEC appears to have triggered what many are calling ‘altcoin season’ today, with many crypto assets surging by double digits. “Personally, I didn’t expect altcoins to behave like this,” said ‘Altcoin Sherpa’.
Read more: 13 Best Altcoins to Invest in January 2024
Industry executive Dan Gambardello also noted that altcoins have outperformed Bitcoin since the ETF was approved. adding“Welcome to cryptocurrency.”
Meanwhile, cryptocurrency trader Scott Melker said:
“Gary Gensler blessed us with Altseason. What could be a better outcome than him finally approving a Bitcoin spot ETF and pumping out altcoins instead?”
Total cryptocurrency market capitalization rose 3.8% on the day to reach $1.85 trillion, the highest in 21 months, led by altcoins.
Moreover, all altcoins in the top 20 by market capitalization are outperforming Bitcoin at press time.
Ethereum, considered by many to be an underperformer, surged as much as 10%, reaching $2,583, its highest price since early May 2022.
Altcoin Winners After SEC ETF Approval
Other altcoins currently surging include Cardano (ADA), which rose 12% on the day to $0.573.
Avalanche (AVAX) gained a similar amount, rising to $38.63, while Polkadot (DOT) surged 14.6% to $8.16 at press time.
Chainlink (LINK) rose 9.6% to trade at $14.91, while Polygon (MATIC) rose 12% to $0.906.
Other altcoins currently in double digits include Uniswap (UNI), Ethereum Classic (ETC), Optimism (OP), Near Protocol (NEAR), Filecoin (FIL), Arbitrum (ARB), and Immutable (IMX).
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