The rejuvenated calls for spot Ether ETF approval in the United States have reawakened altcoin bulls. As a result, short-term Bitcoin investors have accelerated profit-taking to shift their attention to the altcoin market.

According to the latest market data, Ether’s price against the US dollar gained by around 20 percent in the last five days to trade at about $3,700 on Wednesday during the early New York session.

Spot ETFs – Greenlight Soon?

Ethereum’s price turned bullish after the Biden administration, through the United States Securities and Exchange Commission (SEC), changed its stance on the altcoin industry. Earlier this week, the US SEC began to engage the spot Ethereum ETF applicants, resulting in at least five issuers submitting their respective amended 19b-4 documents.

The cryptocurrency issue has become a major topic in the US 2024 election, thus pushing Congress to vote on clearer crypto regulations by the end of this month.

Altcoin Season Heats Up!

After months of waiting, the altcoin industry has begun rallying against Bitcoin. Bitcoin’s dominance has already signaled an inevitable reversal after rallying for the past year. The ETH/BTC pair has significantly rebounded from the multi-year bottom in the last few days.

#Altseason brewing as Bitcoin dominance losing strength and about to begins its downtrend. https://t.co/CAVYTGXsxb pic.twitter.com/DBcjIyvnm2

— Mikybull

Feed: Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

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