Bitcoin and Ethereum on the Rise! Youtuber Austin Arnold on the channel ‘Altcoin Daily’ has made some predictions on which altcoins he thinks traders and investors should look out for and keep on the radar in the coming months. He vehemently says that Bitcoin and Ethereum prices have been on an upward trend making them a good investment choice.
After Bitcoin ETFs, the crypto industry awaits ETH ETFs. The process has been ongoing for months. Bloomberg research analyst James Seyffart says 9 ETH ETFs will launch next week. Despite the positive sentiments, Bitcoin is doing okay but must overcome a major hurdle. This applies to altcoins as well, which saw a massive bloodbath in the last few weeks.
Institutional Interest and Market Inflows
Just after the US Bitcoin ETFs experienced 10 consecutive days of net inflows, with significant trading volumes, the market is shining again. For example, BlackRock reported over $340 million in the first hour of trading. According to Paul Brody, the global blockchain leader at Ernst & Young, Bitcoin is seen as digital gold, acting as a hedge against inflation, while Ethereum has become the dominant tokenized asset and smart contract platform.
Ethereum Spot ETFs Expected to Attract Billions
According to analysts, Ethereum’s price is rising in anticipation of the upcoming approval and launch of spot Ethereum ETFs, expected to start trading next week. City Bank forecasts that these ETFs could attract up to $5.4 billion in net inflows within the first six months, roughly 30-35% of the inflows seen by Bitcoin ETFs. Unlike Bitcoin, which is seen as a store of value, Ethereum is known for utility, powering the crypto economy. Plus, Ethereum 2.0’s transition to a proof-of-stake mechanism is expected to enhance scalability, security, and energy efficiency, further boosting investor confidence.
Top Altcoins and Their Potential
Other cryptocurrencies, such as Chainlink, Solana, and Injective, are also showing promise.
ChainLink
Chainlink recently launched a digital asset sandbox for financial institutions, allowing them to explore Web3 assets. This development aims to bridge traditional finance with the crypto world. Moreover despite the downtrend, LINK surged 44% in 2024, peaking above $20 before retracing to under $15.
Solana (SOL)
The expected approval of spot Solana ETFs drives Solana’s price surge. VanEck and other asset managers have filed applications for these ETFs, potentially bringing more institutional investment into Solana. Solana’s high transaction speed and low fees make it an attractive option for decentralized applications and DeFi projects. After a slight pullback, SOL is trading above $158 and the 100-hourly simple moving average, indicating a positive trend for intraday traders.
Injective (INJ)
Injective is in demand after introducing a staking exchange-traded product (ETP), providing traditional finance investors with exposure to INJ tokens while also capturing staking rewards. Over the past week, INJ has risen approximately 32%, with a slight 1% increase in the last 24 hours. Injective (INJ) is trading at $26.17. There’s a possibility that its price could soar to as high as $380.
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