The Ethereum price has bounced by 5% in the past 24 hours, hitting $2,411 as the cryptocurrency market as a whole has actually dipped by 0.1%.
ETH’s move today means it is now up by 1.5% in a week and by 7.5% in the last 30 days, with the biggest altcoin in the market also sitting on an 81% gain in the past year.
These moves come as weekly Ethereum inflows top $29 million, according to the latest CoinShares data, making ETH the most popular altcoin among funds.
And with the market hoping for a big surge in the event of Bitcoin ETF approvals today, the Ethereum price could rally strongly very soon.
Ethereum Price Prediction as Inflows Surge to $29 Million – Can ETH Hit $5,000 This Month?
More than most other major coins, ETH really looks like it’s on the brink of making strong price gains in the next few days.
Its RSI (purple) has just risen back up to 60, a sure sign of increasing momentum, particularly after the indicator dropped below 50 a few days ago.
Source: TradingView
At the same time, ETH’s 30-day average is climbing more steeply again after slacking in recent days, another indicator that buying pressure is growing for the coin.
One of the encouraging signs as far as ETH is concerned, is that its support level (green) has risen consistently in recent weeks, implying that even if it doesn’t rally continuously, it’s not going to fall hard anytime soon.
And as the latest CoinShares report makes clear, ETH is the most popular alt in the market this week, with its inflows comfortably exceeding those of its nearest rival, Cardano (ADA).
2024 is off to a strong start, with US$151 million in inflows! Total inflows since the Grayscale vs SEC lawsuit now stand at US$2.3 billion.
Notable asset inflows include:$BTC: US$113m inflows$ETH: US$29m inflows$ADA: US$3.7m inflows$AVAX: US$2m inflows$LTC: US$1.4m… pic.twitter.com/9wfshmqxsB
— CoinShares (@CoinSharesCo) January 8, 2024
It’s possible that the market is getting excited about ETH because it could be one of the main beneficiaries in the event that the SEC approves Bitcoin ETFs today, which many think is likely.
If the regulator does approve Bitcoin ETFs, it’s possible that Ethereum ETFs could follow sooner or later, something which would obviously be a major win for Ethereum.
Yet Ethereum’s fundamentals are so strong that it’s more than capable of continuing to rise with ETFs.
It still accounts for more than half of the total value locked of the entire crypto sector, with the platform attracting the biggest adopters last year, including PayPal and Coinbase.
As such, 2024 is likely to be another good year for the Ethereum price, which could hit $3,000 in the next few months.
Other High-Potential Altcoins for Big Gains
Traders looking for lower cap alternatives to ETH may be interested in looking at newer alts and presale tokens, which can often rally big when listing on exchanges for the first time.
One coin likely to do this is Bitcoin ETF Token (BTCETF), a deflationary ERC-20 cryptocurrency that has raised close to $5 million in its presale, which has now closed.
Major players like @BlackRock, @ARKInvest, and more are adjusting their filings for a US #Bitcoin #ETF, now leaning towards cash redemption over in-kind transactions.
The #SEC‘s stance signals a shift. What’s your take on this regulatory move?#BitcoinETF hits beyond the $4.8… pic.twitter.com/bxixnW8m3T
— BTCETF_Token (@BTCETF_Token) December 19, 2023
Despite its sale running for only a short period of time, Bitcoin ETF Token was able to raise so much money because of its highly deflationary tokenomics.
Namely, the coin set to burn 25% of its max supply over the course of its lifespan, burning this amount in five 5% instalments, as well as through a transaction tax.
The first of these will come when an SEC-approved Bitcoin ETF gains a trading volume of more than $100 million, and with the SEC likely to approve its first ever BTC ETF today, this milestone could arrive sooner rather than later.
By burning 25% of its supply, Bitcoin ETF Token will experience steadily rising demand, which could push its price up increasingly higher.
#BitcoinETF Token Announcement!
We can proudly announce that around 21 million #Tokens worth over $100K have been burnt through transaction taxes!
This is also the equivalent of #Bitcoin‘s total supply! pic.twitter.com/D8z2nvj4rG
— BTCETF_Token (@BTCETF_Token) January 3, 2024
While its presale has now closed, participants can begin to claim and stake their purchased tokens.
And given that holders can stake BTCETF, it could end up being a very deflationary token, with much of its original supply being taken out of circulation.
In turn, its tokenomics could help it have one of the biggest exchange listings of the year, so new investors are advised to act quickly once it does list.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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