- Analysts predict an altcoin rally as investors shift profits from Bitcoin to Ether and other altcoins.
- Ripple’s legal victory against the SEC boosts industry confidence, marking a significant milestone for the crypto market.
- Nasdaq’s drop and small-cap stock gains indicate investors are moving towards riskier assets for better returns.
As the cryptocurrency market exhibits positive indicators, Glassnode founders Jan Happel and Yana Allemann predict another full-fledged altcoin rally. They highlight the consolidatory Bitcoin price action, suggesting altcoins are poised to reenter a bullish phase. This prediction is based on recent market movements and historical trends.
Market Trends and Investor Behavior
Happel and Allemann noted on their shared X account, “Negentropic,” that the tech-heavy Nasdaq index dropped 2% on July 11. On the other hand, the capitalized US equities-based iShares Russell 2000 ETF (IWM) increased by over 3%.
This means there is more speculation, and individuals are willing to take high risks in the hope of getting higher returns. Most compare the situation to November last year when the small-cap industry began to shoot up and did not stop in the subsequent months.
The Glassnode founders believe a similar setup could occur in the crypto market. Investors might profit from Bitcoin and invest in Ether and other altcoins. This scenario could see Bitcoin taking a breather while altcoins outperform. “Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!” they stated.
Ripple’s Legal Victory and Industry Impact
In the meantime, Stuart Alderoty, Ripple’s chief legal officer, and CEO Brad Garlinghouse discussed an important turning point for their business. They were getting close to the anniversary of District Judge Analisa Torres’s historic July 13, 2023, ruling in the SEC v. United States lawsuit involving XRP.
July 13, 2023, was a positive day for Ripple and the industry, according to Garlinghouse. He underlined their resolve to oppose the SEC’s illegal assault on the cryptocurrency market. “I knew we were on the right side of the law and would be on the right side of history,” said Garlinghouse.
He explained that since the onset of Ripple’s legal battle, the SEC and Chair Gary Gensler have intensified efforts against the crypto industry. They have attempted to suppress it with failed lawsuits, false rhetoric, slander, and intimidation. Garlinghouse firmly believes these actions are misguided, asserting, “They were wrong then. And they are wrong now.”
The market dynamics suggest that altcoins could see gains as investors seek to diversify their portfolios. Additionally, Ripple’s legal victory could boost confidence in the industry. Consequently, the crypto market stands at a crucial juncture, with potential rallies and legal battles shaping its future.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
