With expectations for a Bitcoin spot Exchange-Traded Fund (ETF) somewhat dampened, the cryptocurrency market globally remains in a stable mood, hovering around the $25,000 range. As the U.S. Securities and Exchange Commission (SEC) decided to postpone its approval of Bitcoin spot ETF applications on the 31st of last month (local time), the market seems to be taking a wait-and-see stance.
In general, Altcoin (alternative virtual assets except Bitcoin) follows the flow of Bitcoin (BTC), a leading stock, and Michael van de Poppe, a veteran cryptocurrency analyst with about 670,000 X (former Twitter) followers, claimed that Altcoin was preparing for a strong turnaround.
He mentioned through X on September 4th,
“Bitcoin dominance keeps falling. Generally, the weakening data of BTC.D (Bitcoin Dominance, the market capitalization share of Bitcoin in the global cryptocurrency market) is interpreted as a positive signal for altcoins. With Bitcoin’s halving just 8 to 10 months away, altcoins are gaining momentum, albeit slowly.” He emphasized, “Bull markets often start when no one expects it, and now could be that time.”
Furthermore, cryptocurrency research firm K33 Research mentioned the possibility of an Ethereum (ETH) futures ETF being approved in the middle of October, expecting ETH to gain stronger momentum in the short term. There is also a forecast that changes in U.S. accounting rules could be a new positive factor for the cryptocurrency market.
Amid the expected strength of Altcoin and strong momentum of Ethereum (ETH), Altcoin has recently attracted attention.
# 3 Altcoins To Watch In Second Half Of 2023
Based on the Cosmos Software Development Kit (SDK), SEI received great attention by jumping more than 200% as it was listed on the four major exchanges in Korea, Binance, and other major overseas exchanges at the same time as the mainnet was released.
NvirWorld (NVIR) recently attracted attention by recruiting a CEO from the world’s top securities company, Bank of America Investment Banker and CMO from Binance, the world’s largest cryptocurrency exchange. In addition, good news has been reported one after another until the news of the listing of Bitget, an overseas exchange, on the 8th, showing an aggressive move.
Finally, Ethereum Layer 2 Network Optimism (OP) has reversed its Arbitrum (ARB) trading volume for the first time in six months since the launch of Worldcoin (WLD), and its trading volume has soared.
Meanwhile, Bitget, founded in 2018 and headquartered in Singapore, currently has more than 8 million users and handles more than 500 virtual assets.
