A monumental shift in the world of altcoins as the United States House of Representatives gears up to vote on the highly anticipated crypto bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT21).
And that’s not all – the United States Securities and Exchange Commission (SEC) will also cast their vote on the much-awaited spot Ethereum ETFs this week, bringing a wave of excitement and insight to the realm of altcoins.
The anticipation is palpable as the FIT21 bill and Ethereum ETFs await approval, sending the world of cryptocurrency into a frenzy. The market has seen an impressive 8 percent surge, with a total value of $2.76 trillion at the time of writing. With this surge, we’re witnessing a shift from sellers to buyers, igniting a renewed short squeeze. It’s safe to say that the crypto world is buzzing with excitement.
What Next for the Altcoin Market
Renowned analyst Michaël van de Poppe has announced that the altcoin market cap, also known as TOTAL2, has successfully completed its recent correction.
This means that the altcoin market is primed for a major rally, with expectations to reach an all-time high (ATH). And that’s not all – many altcoins, led by the unstoppable Ethereum, have broken out of a bullish flag in the last few days.
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So What
The waters are churning with increased on-chain activity from the infamous whale traders. And according to Poppe, it’s time to dive into the Ethereum ecosystem and keep a keen eye on promising layer two projects like Arbitrum and Optimism.
But that’s not all, hold onto your hats because other alternative coins, including the beloved meme coins, are gearing up to follow Ethereum’s bullish breakout.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.