Bitcoin fiyatı 67,000 dollars threshold and altcoin investors‘ anxiety continues. BTC maintained an important level. For the rally to accelerate, 67,500 dollars must turn into support. What are QCP analysts’ latest comments on cryptocurrencies for this week?
QCP Analysts’ Crypto Commentary
This week, the final decision dates for spot Ether ETF applications will expire. In a few days, we might see the SEC announce its decision without waiting for the final dates. The widespread belief is that the SEC will not approve the ETF following recent lawsuits. Considering how painful the BTC approval process was, this seems like a reasonable scenario.
QCP analysts wrote the following in today’s assessment:
“- The first round of spot ETH ETF final application dates is approaching this week
May 23: VanEck
May 24: Ark Invest/21Shares
– The ETHBTC reaching February 2021 levels last Friday and the lackluster interest in the options market indicate that the market does not expect a rejection to be an unexpected event.
ETH successfully defended the 2900 levels multiple times this year, forming strong support. Given ETH’s value storage and smart contract network strength, approval will likely cause ETH to outperform BTC’s price movement after approval.
Considering the lack of resonating interest in the market, the risk is on the upside with a surprise approval catching everyone off guard and triggering a short squeeze that easily takes us back to recent highs.”
Spot Ether ETF Commentary
BTC received intense interest from traditional finance as a value store. However, Ethereum (ETH) represents technology more dominantly as a value store. Most smart contracts are on the Ethereum network, and the number of EVM-supported networks is increasing daily. This may result in more traditional finance players focusing on longer-term goals showing interest in Ether ETFs instead of BTC.
On the other hand, in terms of market value, ETH still seems to have more growth potential in unit price compared to BTC.
