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.”
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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.
South Korea’s cryptocurrency market is bracing for significant changes as new investor protection rules are set to take effect. The country, known for its vibrant altcoin trading scene, is about to implement the Virtual Asset User Protection law on July 19. This impending regulation has sparked widespread discussion in the crypto community about its potential impact on digital asset trading.
South Korea holds a prominent position in the global crypto market, with the Korean won recently surpassing the US dollar as the most-used currency for crypto trading. Approximately 10% of the country’s population has exposure to digital assets, with smaller coins comprising the bulk of trading rather than market-leader Bitcoin.
Exchanges’ Response to New Regulations
In response to the upcoming regulations, South Korean cryptocurrency exchanges are taking proactive steps. The Digital Asset Exchange Alliance, an industry trade body, has announced plans to review 1,333 altcoins over the next six months. This review aims to ensure compliance with the new Virtual Asset User Protection law and pushes back against concerns that the regulations might quickly stifle speculative trading in smaller digital assets.
The alliance has stated that immediate “mass delistings are unlikely” due to the extended evaluation period. Furthermore, all new token listings will be assessed in the context of the new law once it comes into force. This measured approach suggests a gradual implementation of the regulations rather than an abrupt market change.
The new legislation was partly prompted by the 2022 collapse of Luna and TerraUSD tokens, created by South Korean entrepreneur Do Kwon, which resulted in over $40 billion in losses. While the law aims to protect investors, it may increase operational costs for exchanges like Upbit, one of the world’s top crypto trading platforms. This development illustrates the ongoing balance between investor protection and maintaining South Korea’s dynamic crypto trading culture, particularly in altcoins.
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Legal Developments in the Korean Crypto Space
In a significant legal development, the Seoul High Court has overturned a previous ruling in a dispute involving the Fantom Foundation, a major blockchain platform. The court dismissed all claims made by SikSin and Ahn against Fantom, reversing an earlier decision that had awarded the plaintiffs over 198 million FTM tokens.
The case centered on agreements to implement Fantom’s technology in South Korea’s food industry. The High Court found that SikSin and Ahn failed to meet their contractual obligations, including integrating Fantom’s technology and producing a viable technical paper for the Lachesis Protocol. The court also noted evidence of plagiarism in the plaintiffs’ work.
Fantom CEO Michael Kong welcomed the decision, while the company’s legal team highlighted the case’s complexity. This ruling is expected to impact how blockchain-related disputes are handled in South Korea’s legal system, especially those involving cross-industry applications and intellectual property issues. It sets a precedent for future cases in the rapidly evolving intersection of blockchain technology and traditional industries.
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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.
Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy.
Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach
Charles Hoskinson has been outspoken about the detrimental effects of President Joe Biden‘s policies on the cryptocurrency sector. He highlights the administration’s support for the Securities and Exchange Commission’s (SEC) aggressive regulatory tactics, which he terms “regulation by enforcement.” Charles Hoskinson says this approach has stifled innovation and contributed to significant job losses within the burgeoning trillion-dollar industry.
Charles Hoskinson advises that US voters must vote wisely if they want a better future. The blockchain debate has spilled over into politics.#Cardano $ADA pic.twitter.com/L17dtazfXZ
— Cardanians (CRDN) (@Cardanians_io) July 1, 2024
Moreover, he is critical of the lack of a Democratic primary, suggesting it could have exposed what he perceives as Biden’s declining competence. Hoskinson’s critique extends to a broader disappointment with the media’s portrayal of the situation, which he feels fails to hold the administration accountable for these perceived missteps.
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Crypto Leaders Seek More Favorable Regulations
Other key players in the blockchain arena, including Messari CEO Ryan Selkis and the Winklevoss twins, support Hoskinson’s viewpoint and are dissatisfied with the current regulatory environment. Similarly, CEOs from major companies like Coinbase and Ripple (XRP) have transformed the crypto lobby into a significant political force, illustrating the industry’s growing readiness to influence policy directly.
Additionally, Anthony Scaramucci, a well-known figure in the investment and crypto sectors, offered only a tepid endorsement of Biden, preferring this to the unpredictability of former President Trump’s administration. These leaders and Hoskinson are pushing for more favorable regulatory conditions for the cryptocurrency industry to thrive.
Crypto Policies Key in Upcoming Elections
In response to these ongoing challenges, Charles Hoskinson urges the crypto community to become single-issue voters focusing on cryptocurrency policy in the upcoming elections. This strategy aims to shift the political landscape to support the technological and economic advancements that blockchain technology can offer better.
Earlier criticisms from Charles Hoskinson include a strong rebuke of a memo circulated among Democrat Committee members, poised to influence a significant hearing on digital asset regulation. This instance, among others, fuels his campaign to encourage critical consideration of crypto policies among U.S. voters.
Also Read: Hashdex Combined Bitcoin and Ethereum ETF Acknowledged By US SEC
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.
Solana (SOL) has gained traction as crypto assets start the week with slight gains. A look at the market shows crypto prices attempt a breakout after previous losses. At press time, the total market cap grew to $2.31 trillion, a 2.33% increase in the last 24 hours sparking a wider bullish projection.
Assets like Solana outpaced the market in the last attempted rebound as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among the top 10 assets rallying on the heels of previous inflows after two ETF applications. While bulls eye the $150 mark, bears opine that poor sentiments and volatility might make the mark unsustainable.
Solana To Climb?
Solana’s price has moved above other assets in the top 10 cryptos by market cap except for Cardano (ADA). SOL trades at $148.15, a 3.78% increase in the last 24 hours behind only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a massive 45.8% to $1.89 billion.
The weekly growth of Solana points to a renewed upswing as it notched over 16% gains while monthly figures are still in the red zone. Based on recent on-chain data, market analysts have projected an upward trajectory for the asset.
At the moment, SOL is behind previously hit resistance levels after taking a tumble with the wider market. As a result, a reduced uptick was recorded in Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Look To Spot ETF
The recent filing of spot Solana ETFs remains a major driving factor for the asset’s price. This year, ETFs have rallied the crypto market following huge institutional investments in the sector. Spot Bitcoin ETF approval in January changed the dynamics after the asset soared to an all-time high above $73,000. Ethereum products are also expected this summer which also ignited bullish activity. Solana holders point to institutional inflows as a pathway to sustained growth.
Also Read: Dogecoin Price To Attempt $2 With Memecoin Supercycle Says Analyst
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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