Two prominent analysts in the industry have become extremely optimistic about alternative cryptocurrency ETFs, predicting that eight different applications have a 90-95% chance of receiving approval from the Securities and Exchange Commission.
The involved assets include Litecoin, Solana, Ripple, Dogecoin, Cardano, Polkadot, HBAR, and Avalanche. They are also optimistic about the ETF, but they believe the likelihood of SUI's success does not exceed 60%.
Is Altseason seeking ETF approvals?
Since the emergence of Bitcoin ETFs, cryptocurrencies have undergone radical changes. This initial offering was a long and arduous battle, but enthusiasts hoped that Bitcoin would open the floodgates.
The new approach taken by the U.S. Securities and Exchange Commission has inspired a wave of requests for alternative cryptocurrency ETFs, and two analysts at Bloomberg believe many of them are almost guaranteed to succeed:
Their picks for the best alternative cryptocurrency ETFs include all competing traditional currencies, such as Solana and XRP. The analysts involved, James Seyfert and Eric Balchunas, have been following this race for months. They previously selected Litecoin as the best candidate, but now the competition is fierce among these assets.
Five other alternative cryptocurrencies are slightly less likely to win approval. They granted SUI a 60% chance due to its uncertain classification as a commodity, and they did not classify TRON. Commentators inquired about several other filings, but they only considered proposals that involve active filings under the 19b-4 model.
So why are they so optimistic? Ultimately, the SEC has delayed alternative cryptocurrency ETF applications on all fronts. It's important to remember that the agency intervenes significantly in these proposals. The anti-SEC, led by Gary Gensler, tried to ignore these requests as much as possible, but the SEC today was quick to acknowledge them.
Even if it cannot move at the speed the sector aspires to, the U.S. Securities and Exchange Commission still shows encouraging signs. Seyfert predicted that final approval could be issued in July or October. In either case, he believes it will happen in 2025.
Fortunately, the community has been understanding of these setbacks. For example, the common confidence rate in the success of the XRP ETF rose to 98% earlier this month, despite delays from the SEC. Industry experts now seem to view alternative cryptocurrency ETFs with similar optimism.
We hope that initial approvals will begin soon. However, these optimistic forecasts may not immediately translate into profitable investment opportunities. By June 2025, Bitcoin ETFs will represent 90% of the alternative cryptocurrency market. Even if all eight alternative cryptocurrency ETFs are approved, Bitcoin may continue to dominate the market.