Altcoin
Are We In The Early Altcoin Season?
The cryptocurrency market is abuzz with speculation as signs point to an impending altcoin season. Market experts suggest that the stage is set for a major rally in altcoins, driven by positive developments such as the anticipated approval of a Spot Ethereum ETF by the U.S. SEC in July. In addition, new ETF filings for Solana by VanEck and 21Shares have also fueled sentiment.
Considering that this growing optimism among investors and analysts alike could mark the beginning of a new altseason.
Market Trends Signals Towards Altseason Start
Recent market developments have stirred excitement about an altcoin season, where altcoins outperform Bitcoin. Key factors include the expected approval of a Spot Ethereum ETF by the U.S. SEC in July, along with new ETF filings for Solana by VanEck and 21Shares. Notably, these events are seen as potential catalysts for an altcoin rally, as they signal increasing institutional interest and regulatory progress.
Meanwhile, further fueling the discussions, several market pundits have offered a bullish outlook towards the altseason start. For context, prominent crypto analyst Crypto Rover recently ignited discussions on X by highlighting a chart comparing altcoin and Bitcoin seasons.
Sharing the chart, he declared, “Altcoin season is imminent.” His analysis suggests that the altcoin market is poised for significant growth, supported by favorable market conditions and historical trends.
Similarly, Captain Faibik shared an optimistic market capitalization chart for altcoins, predicting a surge to $2.3 trillion. He acknowledged the challenges faced by altcoin holders, with altcoins down 40-50% recently.
However, he emphasized that these corrections are necessary for a healthy trend. Faibik highlighted the robust gains in altcoins from October last year to March 2024, while acknowledging the correction phase witnessed in the last three months.
In addition, the analyst even advised buying altcoins for a dip and holding them for the next four to six months. He concluded his post by saying “Q3 and Q4 are going to be epic for altcoins.”
Also Read: ADA Nears Breakout For $0.7 Ahead Chang Upgrade
ETH/BTC Chart In Focus
The optimism is further fueled by insights from other crypto experts. Ali Martinez recently shared a bullish outlook for the altseason, comparing the ETH/BTC chart and noting early signs of an altseason.
In his X post, he stated, “ETH/BTC is finally moving above the 365 simple moving average”, indicating an early stage of an “impending altseason!” His analysis suggests that Ethereum’s performance relative to Bitcoin is a strong indicator of the broader altcoin market’s potential.
Meanwhile, the current sentiment echoes previous altseasons, where altcoins have historically outperformed Bitcoin in certain market cycles. The anticipation of new financial products like the Spot Ethereum ETF and Solana ETF filings is seen as a key driver for this potential altseason.
Notably, these products are expected to attract more institutional investment, enhancing market liquidity and boosting altcoin prices.
Also Read: Could Solana Mimic Ethereum and Surge to $1,000? Analysts Weigh In
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to give traders exposure to top 10 meme coins. Moreover, these coins include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme cryptocurrencies.
BitMEX Meme Coin Perpetual Contract Index
Furthermore, the contract is margined in USDT and traders can leverage up to 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a group of underlying assets. Moreover, this new product lets traders speculate on the overall performance of meme coins. It also helps them diversify their risk. It is similar to the S&P 500 in traditional finance.
The MEMEMEX Basket Index, also called .BMEMEMEXT, is a key part of this new product. It includes the top 10 meme coins by market cap. As of now, these coins and the share in the index are:
- Dogecoin (DOGE): 20%
- Shiba Inu (SHIB): 20%
- Pepe Coin. (PEPE): 20%
- Dogwifhat (WIF): 8.81%
- Floki Inu (FLOKI): 8.31%
- Brett (BRETT): 7.31%
- Bonk (BONK): 7.38%
- Book of Meme (BOME): 3.18%
- Memecoin (MEME): 2.50%
- Mog Coin (MOG): 2.50%
Furthermore, the market caps of these tokens will be reviewed monthly. Therafter, the index will be adjusted to always include the top 10 meme coins. The MEMEMEX Basket Index by BitMEX uses a weighted average price of these coins. The index multipliers are updated on the last Friday of each month. Any changes are announced four days before the rebalance.
Also Read: Crypto Trader Bags $59M In PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound
Features Of The Basket Memecoin Index
According to the latest announcement, the MEMEMEXTUSDT contract on BitMEX has specific features:
- It is a linear perpetual swap.
- It is margined in USDT.
- Users don’t need to hold the actual meme coins.
- Symbol: MEMEMEXTUSDT
- Margin Currency: USDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 MEMEMEXT
- Underlying: .BMEMEMEXT
- Maximum Leverage: 25x
- Maker Fees: -0.015%
- Taker Fees: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
The MEMEMEXTUSDT allows traders to easily gain exposure to meme coins. They can do this without holding the individual coins. The product is ideal for those looking to speculate on the meme coin market as a whole. It provides a way to leverage their positions up to 25 times. This can amplify gains but also increases risks.
The latest move by BitMEX move comes as meme coins continue to gain popularity. Dogecoin and Shiba Inu, for instance, have massive followings. Moreover, they have seen significant price movements lately. Hence, the MEMEMEX Basket Index could attract more traders to the platform. It simplifies access to the meme coin market.
Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.
Bitwise Submits Amended S-1 for Ethereum ETF
Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.
The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.
Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.
Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy
Analysts Confident in Near-Term ETF Launch
Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.
UPDATE: We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.
The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.
Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.
Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.
The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.
Also Read: US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
UNI, the native token of the decentralized crypto exchange Uniswap is down alongside the other coins. The crypto market has declined again after a slight recovery at the start of the month. Digital assets continue a downward trajectory that saw losses last month reducing the overall sentiments in altcoins.
UNI price soared this year against the market as the community anticipated a vote amongst other factors. In the past weeks, the bullish drive for the asset has plunged leading to sharp losses. A major reason for the downward trend of Uniswap is the reduced transaction activity as assets take a tumble.
Uniswap Nears Double Digit Losses
Uniswap is down 2.12% in the last 24 hours while its price stands at $8.66. This slump takes weekly figures above 7% above other top assets with v slight numbers. UNI soared above multiple resistance levels this year after a strong crypto performance in Q1 2024. At the moment, a chunk of gains are lost with bears becoming main characters in the last 39 days.
Last month, UNI tanked over 9% longer-term figures. Despite sell-offs recorded these weeks, UNI holders on social media spaces express optimism towards an improved price this month. While several commentators believe a market rebound might occur in July, industry and macro factors must flip positively an upward price trajectory.
Interest rate cuts remain a major talking point this year as firms expect cuts between September and October. These factors can swing the tide in favor of the market.
Wider Assets Plunge
Like Uniswap, other crypto assets have plunged with the bearish sentiment. Market leader Bitcoin (BTC) fell below $60,000 before making a slight recovery above the mark. This downtrend for BTC has caused similar movements in altcoins. Ethereum trades at $3,288 plummeting 3.89% today while BNB and Solana are down 4% and 7% respectively.
Also Read: These Crypto Stocks Are Falling Amid Q2 2024 Optimism
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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