After the SEC’s endorsement of the spot Bitcoin ETF in the United States, certain cryptocurrencies are poised to experience greater advantages than others.
This approval facilitates straightforward entry for both retail and institutional investors, regardless of their familiarity with web3, allowing them to directly engage with Bitcoin (BTC).
Anticipations surround a surge in cryptocurrency demand, triggered by the approval of the spot Bitcoin ETF.
The initial trading day for spot Bitcoin ETFs witnessed a substantial influx of approximately $2.2 billion, indicating a robust early demand, according to Timothy Peterson, an investment manager.
The recent surge in demand for the BTC market, triggered by the approval of the Bitcoin ETF, precedes an impending shortage in the supply.
In April, the Bitcoin network validators will experience a halving of the issuance rate, alleviating structural sell pressure.
The macroeconomic landscape is poised to significantly support cryptocurrencies this year, with the anticipated initiation of interest rate reductions by the US Federal Reserve.
The convergence of factors such as Bitcoin ETF approval, the upcoming Bitcoin halving, and the onset of a Federal Reserve rate-cutting cycle creates a potent mix of positive narratives that could propel BTC beyond the $100,000 mark.
Which other coins stand to gain from the recent approvals of Bitcoin ETFs?
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These are the cryptocurrencies set to reap the maximum benefits.
Cryptocurrencies Poised for Maximum Gains with the Approval of Spot Bitcoin ETF.
Leading the pack is Ether (ETH), the inherent digital currency driving the smart-contract-capable layer-1 Ethereum blockchain protocol, poised for substantial benefits.
This expectation stems from the fact that prominent US-based ETF providers, such as BlackRock, have already initiated filings for the establishment of spot Ethereum ETFs.
Given the approval of spot Bitcoin ETFs, it becomes increasingly challenging for the SEC to withhold approval for similar Ethereum-related products.
While the SEC has categorized some major cryptocurrencies like XRP (XRP), Solana (SOL), Cardano (ADA), and Polygon (MATIC) as securities, potentially hindering spot ETFs for these assets, Ether has not been subjected to such a classification.
ETH has already experienced a notable 17% surge this week, reaching its highest levels since May 2022, hovering around $2,600 on the back of ETF speculations.
Chart analysts contend that the path is now clear for a rapid advance toward the next significant resistance level, situated near $3,600.
XRP (XRP)
In 2020, the SEC categorized XRP as a security during its legal action against Ripple Labs, the creator of XRP, for conducting an unregistered securities offering.
Despite this, Ripple Labs has gained momentum in the protracted legal battle. Last summer, a judge ruled that XRP might not necessarily be a security as asserted by the SEC. Furthermore, the agency recently dropped charges against key executives of Ripple Labs accused of “aiding and abetting” unregistered securities sales.
Should the SEC face defeat in the lawsuit by 2024, ETF providers might interpret this as confirmation that XRP is not a security. This could prompt them to file for the establishment of spot XRP ETFs.
While XRP traders remain focused on the ongoing legal proceedings, the optimism surrounding ETFs could emerge as a significant narrative.
Litecoin (LTC)
Often recognized as the digital counterpart to Bitcoin’s digital gold, Litecoin stands to gain substantial advantages from the positive sentiment surrounding ETFs.
This potential boost is attributed to the widespread perception that Litecoin is not considered a security in the United States.
Notably, Litecoin is among the select four cryptocurrencies available for trading on the recently launched US crypto platform, EDX Markets. This platform was designed with strict compliance measures, exclusively permitting the trading of cryptocurrencies that are confidently expected not to be classified as securities by the SEC.
While Litecoin currently operates on a smaller scale compared to Bitcoin and may not be prominently featured on institutional radars, its market dynamics could evolve significantly during the bull market. If Litecoin’s market cap ascends from its current $5.29 billion to the tens of billions, ETF providers might seize the opportunity.
Given the approval of spot Bitcoin ETFs, the SEC would lack compelling reasons to obstruct the introduction of a spot Litecoin ETF.
Altcoin to Consider – Bitcoin ETF Token ($BTCETF)
Ether, XRP, and Litecoin exhibit notable potential for substantial gains.
However, a recently introduced altcoin named Bitcoin ETF Token ($BTCETF) may outperform them in 2024.
This alternative cryptocurrency is specifically designed to provide traders with heightened exposure to potential gains triggered by specific milestones related to the launch of spot Bitcoin ETFs. This is achieved through adjustments to its transaction tax and a burn mechanism.
Advocates of BTCETF portray it as an asymmetric opportunity, anticipating that SEC approval could lead to a significant doubling or tripling of Bitcoin prices in 2024.
In the realm of theoretical possibilities, BTCETF holds the potential to surge up to 10 times its current market cap of $12.45 million, as suggested by crypto analyst ClayBro.
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