Could this be the next major cryptocurrency to receive approval for ETF?
Cryptocurrency expert Chico Crypto recently shared his thoughts on the latest happenings in the crypto world, with a particular focus on the recent approval of the Bitcoin ETF. He highlighted the fast pace of the crypto space compared to traditional markets, underscoring the dynamic nature of this sector.
Moving beyond Bitcoin, Chico Crypto explored potential future trends in the crypto market, specifically shining a light on Ethereum and the possibility of an Ethereum ETF. He pointed out that he had predicted this development over two months ago, even before major players like BlackRock expressed their interest.
The analyst stressed the importance of keeping a close 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, which raises questions about their potential access to insider information regarding the Ethereum ETF approval.
Drawing parallels to past events, particularly Bitcoin’s price movements in October, which indicated informed buying ahead of its ETF approval in January, Chico Crypto predicted a similar trend for Ethereum. This suggests a potential price increase to around $2875.
In addition to Ethereum, Chico Crypto briefly discussed Layer 2 solutions like Optimism, Gnosis, and Arbitrum, indicating that they could experience growth alongside Ethereum.
Interestingly, the analyst shifted his focus to Chainlink (LINK), suggesting 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, particularly 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 rebounded following the ETF approval and is currently trading at $14.98, reflecting a two percent increase.
Tags: Altcoins