Ethereum Sparks Anticipation For New Altcoin Bull Run

Ethereum $2,431 , among the top cryptocurrencies by market value, possesses a unique position with a spot ETF, alongside BTC. Historically, when Ethereum’s price experiences a rally, altcoins often follow suit. Despite this correlation, Ethereum has been losing ground against Bitcoin $107,732 for over a thousand days, leaving altcoin investors disappointed. The question arises: Is it now time for an altcoin bull run?

Altcoin Bull Alert

Since 2019, the support of figures like Elon Musk has shown significant influence on the cryptocurrency markets, culminating in the 2021 peaks. Today, major institutions like BlackRock, supported by countries like the United States, bolster the crypto landscape.

The administration under Trump aimed to transform the country into a crypto capital by replacing crypto-averse officials with crypto-friendly ones in critical positions, such as the SEC . Recently, the U.S. Federal Housing Finance Agency issued a directive to accept cryptocurrencies as collateral for mortgages. These steps suggest that the U.S. government is becoming increasingly favorable towards crypto.

Consequently, there’s anticipation for staking permissions on ETH ETFs. If approved, institutional investors might generate around 5% additional returns in ETH, triggering a demand wave and significantly driving up Ethereum’s price. Currently, the locked ETH supply has exceeded 35 million, indicating fewer ETH available for sale as they remain with long-term investors. CryptoBullet interprets this record-high staked ETH supply as a vital bullish signal for Ethereum.