Altcoin Market Cap Signals Inevitable Bull Run to All-time High Soon Led by Ethereum
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The next two weeks will mark a major turning point for the entire altcoin industry as the United States House of Representatives prepares to vote on the crypto bill dubbed Financial Innovation and Technology for the 21st Century Act (FIT21). Additionally, the United States Securities and Exchange Commission (SEC) will vote on the spot Ethereum ETFs later this week, which will shed a lot of light on the altcoin industry.
Consequently, the speculation on the high likelihood of approval of the FIT21 bill and the spot Ethereum ETFs has increased crypto speculation in the recent past. As of this writing, the total crypto market cap had gained over 8 per cent to about $2.76 trillion on Tuesday.
Already, the majority of crypto sellers have turned to buyers, thus triggering a rejuvenated short squeeze.
What Next for the Altcoin Market
According to a popular crypto analyst Michaël van de Poppe, the altcoin market cap, alias TOTAL2, has completed its recent correction. As a result, Poppe indicated that the altcoin market cap is well positioned for a rally to retest an all-time high (ATH). Moreover, most of the altcoins led by Ethereum price against the US dollar have broken out of a bullish flag in the past few days.
The crypto analyst highlighted that Ethereum’s price against the US dollar will rally to retest its ATH in the next two to four months.
So What
With the heightened on-chain activity for the whale crypto traders, Poppe advised investors to pay close attention to the Ethereum ecosystem, including layer two projects such as Arbitrum (ARB) and Optimism (OP).
Other altcoins led by meme coins will follow the same path as Ethereum in a bullish breakout soon.
