Altcoins Are Flying and BTC Is Flat as SEC Ignites ‘Altseason’
All eyes were on Bitcoin today as the US Securities and Exchange Commission approved spot ETFs. However, the suggestion that the news is already priced in seems to have some merit. BTC has remained flat, but altcoins are flying.
On January 10, the SEC finally approved spot Bitcoin ETFs from various fund managers, including BlackRock and Fidelity.
‘Altseason' is triggered
However, the price of Bitcoin moved slightly before returning to just $47,600. It has only gained 1.3% in the last 24 hours.
In fact, when the SEC's social media account was hacked last day with fake ETF news, the price of BTC soared.
Many analysts have pointed out that Bitcoin prices are already overestimated, and may be news selling. It looks like this.
However, the SEC seems to have fueled what many are calling ‘altcoin season', with many crypto assets increasing by double digits today. “Personally, they didn't expect Altcoins to behave like this,” commented the ‘Altcoin Sherpa'.
Read more: 13 Best Altcoins to Invest in January 2024
Industry executive Dan Gambardello also commented on ETF approval of altcoins, adding, “Welcome to crypto.”
Meanwhile, crypto trader Scott Meeker said:
“Gary Gensler blessed us in the altseason. Is there anything better than investing in the Bitcoin Spot ETF and altcoins instead?
Total crypto market capitalization gained 3.8% on the day to reach a 21-month high of $1.85 trillion, led by altcoins.
Moreover, every altcoin in the twenties by market capitalization exceeds Bitcoin at press time.
Ethereum, considered by many to be an underperformer, rose 10 percent to $2,583.
Altcoin winners post SEC ETF approval
Other altcoins currently on the rise include Cardano (ADA), which is up 12% on the day to $0.573.
Avalanche (AVAX) gained a similar amount, rising to $38.63, while Polkadot (DOT) rose 14.6% to reach $8.16 at press time.
Chainlink ( LINK ) rose 9.6% to trade at $14.91, and Polygon ( MATIC ) picked up 12% to $0.906.
Other altcoins gaining double digits today include Uniswap (UNI), Ethereum Classic (ETC), Optimism (OP), Near Protocol (NEAR), Filecoin (FIL), Arbitrum (ARB), and Immutable (IMX).
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