2024 has started well with the groundbreaking approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC). Although Bitcoin prices stabilized in a range between $45,000 and $47,000, the altcoin market saw a boom, especially Ethereum Classic (ETC) rising by 48%, leading the way for other major altcoins such as Ethereum (ETH), and Cardano. (ADA), and Avalanche (AVAX) with double-digit gains.
So, what's next for the market? Here's everything you need to know to navigate the future!
Altcoins choose speed
The recent rise in altcoin prices is fueled by growing expectations within the cryptocurrency community about potential SEC approval of spot trading-based ETFs for altcoins. Cryptocurrency analyst Lark Davis, known as “Crypto Lark,” expects Ethereum ETFs to receive approval around May, an important development for the second-largest cryptocurrency. Bloomberg analyst Eric Balchunas estimates the odds of an ETF debuting in May at 70%.
Miles Jennings, general counsel at A16Z, suggests that the SEC's approval of Ethereum futures products signals a positive stance toward Ethereum, moving away from classification as a security.
Will an XRP ETF come?
Following the landmark Ripple SEC lawsuit ruling that declared XRP not a security, Crypto Lark is considering the possibility of creating an XRP ETF. The cryptocurrency community is eagerly awaiting the next major ETF approval after Bitcoin, with Steve McClurg, co-founder and CIO of Valkyrie Funds, dropping hints about potential ETFs for Ethereum or XRP.
2024 – The year we achieved the greatest achievements!
In addition to these groundbreaking developments, 2024 promises other important events, including the Ethereum Dencun upgrade and the Bitcoin halving. Analysts are painting a bullish picture for an altcoin boom in 2024. Lark Davis envisions it as “the biggest altcoin party ever.” This optimism is similar to historical precedent, where SEC approval of Bitcoin futures funds led to a stunning rally in altcoins, rising more than 500%.
If history repeats itself, Ethereum, XRP, and other altcoins could see significant growth in 2024, which could eclipse Bitcoin in market dominance. The cryptocurrency community is on the verge of a year full of anticipation. Folks, we're on a wild ride. We're excited – right?
