Could This Cryptocurrency Be the Next to Gain Approval for ETFs?
Renowned cryptocurrency expert Chico Crypto has recently provided valuable insights into the latest happenings in the crypto industry, with a specific focus on the recent green light given to the Bitcoin ETF. He highlighted the remarkable speed at which the crypto space is evolving, in contrast to traditional markets, underscoring the dynamic nature of this sector.
Shifting his attention away from Bitcoin, Chico Crypto delved into potential future trends within the crypto market. He specifically honed in on Ethereum and the likelihood of an Ethereum ETF, expressing that he had foreseen this development over two months ago, even before major players like BlackRock expressed their interest.
The analyst stressed the importance of closely monitoring Ethereum, particularly in light of the anticipated ETF approval. He also mentioned the involvement of certain members of the U.S. Congress who recently invested in Ethereum, raising questions about their potential access to insider information regarding the approval of the Ethereum ETF.
Drawing parallels to past events, particularly Bitcoin’s price movements in October, which indicated informed buying prior to its ETF approval in January, Chico Crypto predicted a similar trend for Ethereum. He suggested a potential price surge to approximately $2875.
In addition to Ethereum, Chico Crypto briefly touched upon Layer 2 solutions such as Optimism, Gnosis, and Arbitrum, hinting at their potential for growth alongside Ethereum.
Interestingly, the analyst shifted his attention to Chainlink (LINK), proposing that it could be the next cryptocurrency to receive ETF approval following Ethereum. He based this prediction on statements made by Chainlink’s founder and the high premiums paid for the Grayscale Chainlink Trust.
Chico Crypto advised investors to seize the current opportunities available, 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. However, the price rebounded following the ETF approval and is currently trading at $14.98, reflecting a two percent increase.
Tags: Altcoins