- ETH ETF approval is finally confirmed and the crypto market is celebrating.
- Many expect more altcoin ETFs to flood the market soon.
- One analysts predicts ETH price at $6,000 as the year-end price top.
The highly anticipated wait for ETH ETFs to be approved early has been worth it, as of earlier today ETH Spot ETFs are confirmed. According to the US regulator, ETH is now recognized as a commodity and financial institutions will embrace this listing.
Indeed, much like the BTC ETF success, the ETH ETFs will also bring in a massive influx of funds and value into the crypto market. But when will this influx come in and what can be expected for other altcoins, especially the ETH-based tokens and their price?
One analyst and crypto investor breaks down his expectations for what to expect next after the ETH ETF has been approved. First, he marks this milestone a game changer for the crypto market saying Ethereum’s classification was still not clear unlike that of XRP. Thus, the approval will boost confidence for ETH holders and other altcoins in the US market
Initially, the SEC marked the SEC as a security along with many other tokens long after its battle with XRP began. Now, ETH ETFs have been approved which means ETH cannot have been a security. This paves the way for substantial institutional investment.
However, if other digital assets like SOL, ADA, and others are still being targeted by the SEC, then this milestone will add more fuel to the ETHGate conspiracy. It also raises questions to which ETF will be approved next, some analysts hope it will be XRP others believe Dogecoin (DOGE) ETFs are the next most likely option.
The analyst goes on to list why the community was optimistic about ETH ETF approval. This is no doubt because of the demand from BlackRock and Grayscale who were adamant supporters of ETH ETF approvals.
He then mentions his ETH price prediction during the second half of the year, but not for the cycle top. He says $6,000 could likely be the year end value for Ether (ETH). However, this is more likely only if Bitcoin (BTC) hits $100,000 by the end of the year.
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