The altcoin market cap has recently rebounded to $1 trillion, indicating a potential altcoin season for Q3 2024. According to renowned analyst Michael van de Poppe, this could mean significant gains for altcoins, with Ethereum potentially reaching as high as $7,000.
The recent launch of Ethereum ETFs is anticipated to further boost Ethereum鈥檚 price, though the overall market impact remains uncertain. Following a recent market correction, van de Poppe is optimistic about a major boost in the altcoin sector. He expects substantial growth for both altcoins and Ethereum in the latter half of 2024, which could result in historic gains for investors.
Why Ethereum Could Surge to $7,000
The altcoin market cap has bounced back to $1 trillion, suggesting that the long-anticipated altcoin season might begin in Q3 2024. This rebound indicates that altcoins could be poised for a price surge. Although the Ethereum ETF was expected to play a major role in this growth, its performance has been somewhat disappointing so far.
Renowned analyst Michael van de Poppe recently shared his views on X, noting that the altcoin market has completed its correction phase and is now ready for an uptrend. He anticipates that many altcoins will experience significant gains in the latter half of the year. Van de Poppe is also optimistic about a strong bull market, predicting Ethereum could reach $7,000.
Michael van de Poppe recently shared his views – Source: X
Despite the launch of the first spot Ethereum ETFs in the U.S., which brought in record-breaking inflows of $1 billion, the market impact has been limited. Experts believe these ETFs are still “heavily undervalued” and that they could greatly influence the Ethereum ecosystem, similar to the effect of Bitcoin ETFs.
Altcoin Market Ready for Rally; Ethereum Could Surge to $7,000
Recent market trends and technical indicators point towards a potential rally for altcoins. The altcoin market cap has stabilized, setting a strong foundation for growth. However, data from Blockchain Center reveals that the current altcoin market dominance is below 30%, with only 11 of the top 50 altcoins outperforming Bitcoin over the past three months. For a true altcoin season to be declared, more than 75% of these altcoins need to surpass Bitcoin’s performance.
Experts are forecasting significant gains for Ethereum, with predictions suggesting it could rise to between $4,000 and $7,000. Currently, Ethereum is trading at $3,275, reflecting a 3.08% increase in the last 24 hours.
Important:聽Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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