XRP and Cardano ETF Approvals Could End 4-Year Bitcoin Dominance Streak ⋆ ZyCrypto
The post XRP and Cardano ETF Approvals Could End 4-Year Bitcoin Dominance Streak ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement The cryptocurrency market has been anticipating the highly anticipated “altcoin season,” a period when alternative cryptocurrencies outperform Bitcoin. While market onlookers prepare for an altcoin boom, two notable altcoins are primed for a bullish takeover amidst expectations of a possible ETF approval. In February, Grayscale applied for an ETF to track the price of Cardano’s (ADA), while WisdomTree, joined by 8 investment firms, filed for the first XRP-based ETF. As the market awaits the SEC’s decision, both assets appear to be gearing up for a price run. XRP and ADA to usher in an altcoin rally? Following the approval of an XRP and an ADA-based ETF, the market could witness a notable increase in price value for both assets, a move that could set the pace for a long-awaited altcoin rally. ADA rose 1.2% on May 27, surging above the golden cross between the 50 and 200-day EMA bands, signaling a strong bullish motion. Meanwhile, XRP traders are convinced that the asset could hit $3.40 following the approval of WisdomTree’s ETF, as the altcoin gears up to retest resistance at $2.48. Advertisement At the time of this report, XRP and ADA were trading at $2.20 and $0.66, respectively. When does altcoin season begin? Sentiments from crypto analysts and investors suggest that market participants have different timeline expectations for the arrival of altcoin season. According to a technical and on-chain analytical breakdown from CryptoQuant published on May 16, the ETH/BTC price ratio surged by 38% in the previous week for the first time since January 2020, further signaling the beginning of altcoin season. Although the altcoins in question do not trade within the top 20 altcoins in circulation by market cap valuation, one prominent market analyst asserts that five altcoin seasons have been observed since…
