As the cryptocurrency market is close to the completion of the macro short-term correction, experts predict the markup phase. This phase can signal the beginning of the bull season for altcoins, including Cardano (ADA), XRP, and Ethereum (ETH).
According to Mikybull, a cryptocurrency trader and economist, there are signs that the market may be set to enter another bull run, which will attract investors.
#Altcoins
— Mikybull 🐂Crypto (@MikybullCrypto) July 10, 2024
Macro short-term correction is about to end.
Get prepared for the upcoming markup phase.
Alts season for this cycle is still in play. pic.twitter.com/DxXe4FGucp
Ethereum’s Price Target Influences Altcoin Predictions
Ethereum has recently been subject to an updated price target of $8,000. Experts, including Altcoin Moe and Geoff Kendrick of Standard Chartered, have an optimistic forecast for Ethereum.
They suggest that Ethereum could catalyze major rallies for other altcoins like Cardano and XRP if it reaches this high valuation.
Altcoin Moe and Geoff Kendrick have put new price targets of $8,000 on Ethereum. Moe has painted a positive view that if Ethereum gets to this high value, it will trigger huge gains in other altcoins like Cardano and XRP.
Such targets are based on the current market conditions. The future technological developments within the Ethereum network to improve the network’s capacity and effectiveness.
Also, the rumors of the possible launch of an Ethereum spot ETF are boosting the market sentiment as the ETF could enhance Ethereum’s accessibility in the market. Nate Geraci, co-founder of The ETF Institute, highlighted the week of July 15th as the likely start date for trading, following a series of critical S-1 filings with the SEC last week.
Will be *shocked* if spot eth ETFs not trading w/in next 2 weeks…
— Nate Geraci (@NateGeraci) July 6, 2024
Later next week a possibility, but think week of July 15th more likely.
Interestingly, price of eth ↓ 20%+ since "surprise" 19b-4 approvals in late May.
Cardano and XRP Set for Major Rallies
The possibility of Ethereum meeting the expectations set has viewed as a trigger that may lead to other altcoins rising at a very high rate. Altcoin Moe stated that if Ethereum hits $8,000, Cardano could be trading at $4 per token, which is almost 10 times the current trading value.
Likewise, XRP is anticipated to go higher and hit $5, more than a thousand percent rise from the current value. Such increases would translate into substantial financial gains and mark new historical highs for both tokens.
Here are my realistic price targets for this #crypto bullrun:$BTC – $115,000$ETH – $8000$INJ – $150$LINK – $125$BRETT – $1.5$PAAL – $1$BNB – $1,000$TAO – $750$XRP – $5$ARB – $7$SUI – $7$LTC – $150$AVAX – $300$PORTAL – $20$OMNI – $1000$SOL – $600$ADA – $4$DOT -…
— Altcoin Moe (@AltcoinMoe) July 9, 2024
Cardano’s potential catalysts are technological events such as Chang Hard Fork, which is expect to enhance the system’s efficiency.
Moreover, market analysts closely monitor the ongoing SEC lawsuit involving XRP, where a favorable outcome could catalyze its price increase. These developments are crucial, providing the infrastructure and regulatory clarity to propel these tokens to new heights.
The Broader Market Impact
The 24-hour chart for Cardano (ADA) displays a notable upward trend, where the price surged from a low of approximately $0.3722 to a peak of $0.3835.
This represents an increase of about 2.98% in the day’s trading. Ethereum and XRP also recorded a daily price surge of 1.55% and 1.27% at press time.
The current market conditions and strategic developments within major altcoin projects suggest that the next bull run could be particularly favorable for altcoins like Cardano, XRP, and Ethereum.
