Crypto Market Potential Rises, Altcoin Becomes Investor's Choice To Get Money

Potential altcoins (photo: Unsplash)

JAKARTA - The approval of the Ethereum ETF spot US by the US Securities and Exchange Commission (SEC) made Bitcoin together with most altcoins strengthen last week amid growing optimism.

At the beginning of the last week of May, the price of Bitcoin had regained the 70,000 US dollars level or around Rp1.12 billion. However, the increase did not last long, and BTC was again suppressed by the downward trend.

Tokocrypto trader, Fyqieh Fachrur, explained that Bitcoin must stay above the main support level at $66,000 to maintain bullish momentum.

"This week, all attention is still focused on a series of speeches by Fed officials, which are anticipated to gain insight into future US interest rate policies. Meanwhile, market participants are looking forward to signals amid indications of a decline in US inflation," said Fyqieh.

According to Fyqieh, investors and traders are currently focusing on speculating about Altseason's potential startup or the altcoin season, which was triggered by the recent surge in total market capitalization of altcoins.

After ETF Ethereum, several other altcoins will try their luck, including XRP, Litecoin (LTC), Solana (SOL), Pepe, Floki, Notcoin and many more. The market seems bullish in accepting ETF in an unprecedented way.

He also explained that Altseason's main triggers usually involve several factors, such as increased adoption and use of blockchain-based applications that encourage demand for certain altcoins.

Altseason's impact on the crypto industry is very significant. In terms of transaction value, increased altcoin trading activity can increase market liquidity and attract more new investors.

In addition, Altseason often encourages technological innovation, as many altcoin projects develop new technologies and innovative solutions to take advantage of this momentum.

"As a result, we can see more project development and increase the adoption of more sophisticated blockchain technology," explained Fyqieh.