Cryptocurrencies have surged again following the recent BTC rise, with three of the top 50 altcoins leading the way. Just a few days ago, investors were worried that BTC price would fall back to $50,000 or below. However, as of the time of writing, the BTC price is above $62,000. So, which three altcoins could bring gains to investors?
Altcoin Bull Market
The period when at least 75% of assets other than Bitcoin perform better than BTC is called the “altcoin season” or “altcoin bull market.” In other words, the altcoin bull market we are accustomed to has not yet started. Glassnode founders Jan Happel, Rafael Schultze-Kraft, and Yann Allemann say that the rise in SOL, ETH, and XRP prices reflects market confidence, indicating that the long-awaited days may be coming soon.
On July 12, they wrote:
“In November 2020, we had a day just like yesterday. IWM rose and continued to rise for the following months. This was the signal for the start of the strongest part of the Alt rally over the next 4 months, as Total3 rose by ~400% in just 4 months. Will we see the same thing again? Will the rotation trigger a big rally in altcoins? We think it could happen!”
Solana, ETH, and XRP Coins
In the last 7 days, the price of SOL Coin has risen by 9.31%. ETH has increased by 9.56%, while XRP Coin has gained over 20%. The XRP Coin price gained roughly 40% before and after the summary judgment anniversary on July 13, 2023. Although it couldn’t retain all the gains, the profits were satisfactory. As of the time of writing, they are not far from $0.53.
Another important detail is the belief that the SEC will announce the listing of the ETH ETF this week. Issuers have made their final S-1 Form submissions, and management fees have been determined. It is expected that the SEC will give the listing order to the exchanges this week, as the files have been revised at least three times and are now in their final form.
ETH ETF experts, expecting billions of dollars in net inflows just like with BTC, are hopeful for altcoins. If this trend continues, the listing news could open the door for an altcoin season. Or all of this could remain a bull trap.
