Recent data shows a significant price increase of Ethereum, which is also attracting attention to other altcoins in the market.
Institutional Interest in Ethereum
According to CoinMarketCap data, Ethereum (ETH) experienced a significant price surge, reaching $3200 with an increase of 6.12% within 24 hours. This was also linked to a 5% increase against Bitcoin (BTC), indicating the potential start of the altcoin season. Over the first two weeks of July, Ethereum spot ETFs in the United States saw a net inflow of $1.35 billion.
Technical Signals for Altcoins
On the weekly chart, the MACD crossing above the zero line for the first time since February technically confirms the momentum resurgence. Analysts noted that these signals resemble patterns observed during the 2021 bull run.
Overall Altcoin Market
The ongoing Ethereum rally and altcoin activity underscore the potential for growth in the altcoin market. Other altcoins like XRP, Solana (SOL), and Shiba Inu (SHIB) are also witnessing increases in trading volumes and prices.
Expectations and actions of institutional investors signify possible positive changes in the altcoin market, highlighting the importance of closely monitoring the situation.
