Ethereum Supply Crunch To Follow ETF Approval, Top Altcoins To Record the Biggest Gains

Ethereum Supply Crunch To Follow ETF Approval, Top Altcoins To Record the Biggest Gains

In what could be a watershed moment for the altcoin market, spot ETFs for Ethereum have finally been green-lighted by the SEC. Market experts have opined that this approval could open a window for institutional funds to pour into Ethereum.

Supply Crunch To Spark Market Rally

Just like Bitcoin, the approval of spot ETF is also believed to ignite a massive price increase for ETH and the rest of the crypto market. This is because the growing demand for ETH will lead to a supply crunch, according to Ethereum co-founder Joe Lubin.

Lubin said there will be a “large amount of natural, pent-up pressure to purchase Ether.” While ETH might now be the primary focus of many in the crypto market, analysts have predicted that some of the best altcoins will yield better returns this year.

Best Altcoins To Buy for This Year’s Bull Market

The recent Ethereum price prediction from Standard Chartered suggests that ETH could hit $8,000 this year, an increase of more than 2.15x. While this is an impressive return, the following altcoins are set to record bigger gains this year.

1.   DTX Exchange (DTX)

DTX Exchange is a relatively new crypto project that has quickly gained popularity among traders due to its peculiar trading platform. First of all, it offers a larger number of tradeable instruments than any other trading platforms. DTX provides the stocks, forex, bond, and commodities market in which users can trade and invest in over 120,000 products.

It also provides one of the largest leverage ratios that go up to 1000:1. Users can also use it with other features like quantitative and algorithmic features that are available on the platform to enhance their trading techniques and the likelihood of making more profits. DTX’s zero-commission offer and the fast order processing make it even more appealing.

Another aspect that distinguishes DTX Exchange from a conventional digital asset trading platform is its trading approach derived from a community foundation. Users will have access to potentially interesting airdrops as well as the rights of voting and governance. The team has already announced that there will be a giveaway of $1 million, attracting a lot of people to its blockchain ICO.

Already, the price of its native token, $DTX has increased by 100% to its current price of $0.04. However, as the reach of its exchange platform grows, market experts are optimistic that DTX will emerge as one of the best altcoins to invest in. With a price target of $1-$2 set in 2024, DTX investors are set to bag more gains than Ether investors.

2. Solana (SOL)

As Ether has gotten its spot ETF, the crypto community believes Solana (SOL) will be the next altcoin. In his recent interview at CNBC, BKCM LLC head Brian Kelly, said, “Solana is probably the next one,” confirming the sentiment across the market.

The Pseudonymous analyst Inmortal recently told his followers on the platform X that the Solana price could go on a major rally soon. By September Immortal sees the Solana price trading between $400 and $600. Others suggest that the altcoin price could hit $1,000 before the year ends, making SOL one of the top altcoins to watch.

3. Arbitrum (ARB)

Arbitrum (ARB), one of the top altcoins closely linked to Ethereum, is another coin market experts expect to go on a breakout rally this year. Arbitrum is building the future of Ethereum with an even more scalable layer for dApp developers.

Whales, identifying the potential of ARB, have gone on an accumulation spree. The most notable was a single purchase of over 4.17 million ARB by the whale address ”0x695.” Forecasts that the Arbitrum crypto will rise from $1.1 to set new highs above $3 this year make it one of the best altcoins to buy now.

4. Axie Infinity (AXS)

Following the recent market rally that ETH inspired, crypto analyst Ali Martinez has spotted a very bullish pattern on the Axie Infinity price chart. According to Martinez, AXS has formed an inverse head-and-shoulders pattern in the weekly chart.

Based on the possible direction of this pattern, the Axie Infinity coin will rise to the $13 resistance first before extending its gains toward $22. With this target set for August, Axie Infinity could increase by more than 3x, bigger gains than what is to be expected from ETH. In addition, as one of the leading gaming tokens on Ethereum, it could also benefit from the approval of ETFs.

In Conclusion

Thanks to its spot ETF approval, Ether looks perfectly poised to headline the bull run for the rest of the year. However, from the predictions given by top experts, DTX Exchange, Solana, Arbitrum, and Axie Infinity are the best altcoins to invest in this year. Their higher upside potential and solid fundamentals, especially DTX, make them the best bet for investor in this bull market.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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