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The post Here’s When Altcoins Will Rally appeared first on Coinpedia Fintech News

Crypto markets started the week with a bullish tone on Monday, with Bitcoin trading above $94,000. Bitcoin is increasingly gaining recognition as a safe asset, similar to gold or the US dollar. NYDIG Research pointed out that Bitcoin is shifting from a speculative investment to a reliable store of value, especially after the introduction of US trade tariffs.

Coming to altcoins, XRP led the major gains, rising almost 8%, driven by the approval of a ProShares ETF, which will see three futures-tracked products go live on April 30. Cardano’s ADA gained more than 3%, while BNB Chain’s BNB added just 1%. Ether remained neutral. Solana was also up over 1%, while SUI made gains of over 4% in the past day.

Monero (XMR), however, saw an unexpected surge, soaring over 40% to hit $371. Currently, it’s trading at $268, up 17% in the last 24 hours.

Bitcoin’s dominance is at 63.4%, while altcoins are struggling, with CoinMarketCap’s Altcoin Index at just 17. This shows that Bitcoin is still the dominant force in the market, and a potential altcoin season may still be far off.

Arthur Hayes, in a recent blog post, shared that he expects altcoins to start gaining momentum once Bitcoin breaks its previous all-time high of $110,000; it could surge further, potentially nearing $200,000. However, he warned that not all altcoins will perform well during the potential altcoin season.

Analyst Moustache believes that the biggest part of the altcoin rally is yet to come. He thinks the worst is now over and expects many green candles going forward. Crypto Rover, in a recent X post, highlighted that altcoins are breaking out of a 140-day downtrend. He noted that this could signal the start of a massive utility season ahead.

Analyst Wimar.X predicts that the biggest altcoin season in history is about to begin, with altcoins forming a triple-bottom pattern, hinting at a potential parabolic rally. He anticipates that the total altcoin market cap could reach $15 trillion during this cycle, although such predictions come with significant risks due to the volatile nature of crypto markets.

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has clarified its stance on certain stablecoins, stating that it does not have jurisdiction over these digital assets or their issuers. This announcement is part of a broader effort by the SEC, under the leadership appointed by U.S. President Donald Trump, to delineate areas of the crypto sector that fall outside its regulatory scope. The agency's Crypto Task Force has been instrumental in easing regulatory pressures on digital assets, previously identifying memecoins and proof-of-work crypto mining as outside its purview. The latest statement from the SEC's Division of Corporation Finance, issued on Friday, asserts that certain stablecoins do not constitute securities and therefore do not require registration under the Securities Act.

The statement specifies that transactions involving the minting and redeeming of these stablecoins do not need to be registered with the SEC, as they are intended for use in commerce, payments, money transmission, and value storage, rather than as investment vehicles. However, the statement's criteria may exclude Tether's USDT, as it notes that acceptable reserves should not include precious metals or other crypto assets, which are part of Tether's reserves. Additionally, the requirement for tokens to be redeemable for dollars at any time may conflict with Tether's terms of service, which suggest potential restrictions.

Congress is actively working on establishing new standards for stablecoin issuance, with the House Financial Services Committee advancing a bill towards a vote in the House of Representatives. The Senate is also considering a similar bill, both receiving bipartisan support. Despite their stable nature, stablecoins have become a contentious political issue, with the Trump-backed World Liberty Financial proposing its own stablecoin, and concerns from some congressional Democrats about Elon Musk's potential involvement in the sector.

SEC Commissioner Hester Peirce, leading the agency's task force, emphasizes the importance of these preliminary, nonbinding actions to reduce crypto resistance at the SEC, suggesting that non-fungible tokens (NFTs) may also be considered for similar statements. The SEC is preparing for its second crypto summit next week, focusing on trading. The agency may soon see a leadership change if Trump's nominee for permanent chairman, Paul Atkins, is confirmed by the Senate. Interim Chairman Mark Uyeda has already initiated significant changes to the SEC's approach to crypto regulation, including dismissing several enforcement cases against digital asset businesses, although some cases remain active.