The recent approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in Hong Kong has significantly rejuvenated the altcoin bulls. There are reports of possible approval for mainland China’s investors expected to tap into the Hong Kong-based crypto ETFs.
Consequently, the total crypto market cap pumped over 2 percent to around $2.5 trillion on Monday.
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The altcoin industry, led by Ethereum (ETH) price, followed Bitcoin (BTC) in a bullish recovery after being trapped in a bearish trend in the last five weeks.
Impressive Preliminary Sentiments
The past few months have been a bee hive of activity for the crypto industry, led by the recent Bitcoin halving, the sentencing of former FTX boss Sam Bankman-Fried, and the resignation of former Binance CEO Changpeng Zhao.
The anticipated approval of spot Ethereum ETF in the United States has sparked further debate on the next adoption phase for the crypto and web3 space. Furthermore, the altcoin industry has led in real-world assets (RWA) tokenization, with experts forecasting billions of dollars proliferating into the sector soon.
According to market data, venture capital firms raised more than $1 billion in April. Already, BlackRock helped Securitize raise $47 million to build a tokenization platform.
What Next for Crypto
According to a popular crypto analyst alias, Ash Crypto, on the X platform, the ultimate altcoin rally will be determined by Ethereum price action. The crypto analyst opined that the ETH price against the US dollar has been forming a similar fractal as the 2020 bullish breakout.
If Ether’s price reaches an all-time high in the third quarter, the crypto analyst believes the highly anticipated altseason will kick start and pump Ether towards $15k.
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