Altcoin To Surge Ahead As Spot ETH ETF Launch Nears, Say Vertex CEO
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As the crypto market consolidates on Friday, altcoins are showing mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle, given the current market lull. Perhaps Darius Tabai, CEO of Vertex Protocol, an Arbitrum (ARB)-based DEX predicted that ETH ETFs could potentially have a positive impact on altcoins.
Impact of ETH ETF on Altcoins
The upcoming launch of Ethereum spot ETFs might surprise the market, says Darius Tabai, CEO of Vertex Protocol, an Arbitrum-based decentralized exchange (DEX). He believes the market hasn’t fully factored in the potential impact, which could lead to a price jump of 25% or more for Ethereum. Tabai believes that the market could be surprised by a sudden rise in ether’s price.
However, Tabai also notes that if Ethereum’s price keeps rising, it could boost other altcoins. This situation is different from the Bitcoin ETF launch, which saw altcoins struggle.
ETH ETF Might Not Perform As Expected
However, there are different opinions on how the ETFs might impact ETH’s price. Sergei Gorev, a risk manager at YouHodler doubts the Ethereum ETF will boost prices as much as the Bitcoin ETFs did in January, which saw Bitcoin rise by over 80% in two months.
He further notes that Ether’s staking issue might affect investor interest, as staking isn’t available for Ethereum ETFs. Additionally, trading volumes have dropped by 17% this summer due to many investors being on vacation.
Ether Could Surge $6,000
Echoing the bullish sentiment, crypto enthusiast Timothy Peterson has made bold predictions for Ethereum. According to his analysis, Ethereum’s price could soar to between $4,600 and $6,000 by March 2025.
He further noted that Ether’s price is currently “sitting on top” of the 200-day Moving Average (MA) and “will eventually break out around the ETF launch.”
As of now, Ethereum is trading at $3,407, reflecting a 10% increase over the last seven days. Meanwhile, the 24-hour trading volume has surged by 3%, with a market cap of $409 billion
