July 21, 2024

Is This It the Next Big Cryptocurrency for ETF Approval?

Cryptocurrency expert Chico Crypto recently shared insights on the latest developments in the crypto world, with a particular focus on the recent approval of the Bitcoin ETF. He noted the rapid pace of the crypto space compared to traditional markets, highlighting the dynamism of this sector.

Turning his attention from Bitcoin, Chico Crypto delved into potential future trends in the crypto market. He specifically highlighted Ethereum and the possibility of an Ethereum ETF, noting that he had anticipated this development over two months ago, even before major players like BlackRock announced their interest.

The analyst emphasized the importance of keeping an eye on Ethereum, especially with the expected approval of an ETF. He also mentioned the involvement of certain U.S. Congress members who recently invested in Ethereum, raising questions about their potential access to insider information regarding the Ethereum ETF approval.

He drew comparisons to past events, specifically Bitcoin’s price movements in October, which suggested informed buying prior to its ETF approval in January. Based on these patterns, he predicted a similar trend for Ethereum, suggesting a potential price increase to around $2875.

In addition to Ethereum, Chico Crypto briefly touched on Layer 2 solutions like Optimism, Gnosis, and Arbitrum, indicating that they might experience growth alongside Ethereum.

Interestingly, the analyst shifted his focus to Chainlink (LINK), proposing that it could be the next cryptocurrency to receive ETF approval after Ethereum. He based this prediction on statements from Chainlink’s founder and the high premiums paid for the Grayscale Chainlink Trust.

He advised investors to seize current opportunities, especially considering Chainlink’s recent price movements. After reaching a new yearly high of $17.68 on December 28, LINK experienced a decline, hitting a low of $12.53 on January 8, 2024. Despite this setback, the price recovered following the ETF approval, currently trading at $14.98, which reflects a two percent increase.

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