Analyst Predicts a Surge in Altcoins
A crypto analyst has hinted that the approval of Ethereum Spot ETFs by the SEC could unleash a wave of “animal spirits” in the crypto market. This term refers to the irrational exuberance and optimism that can drive financial markets.
Altcoins to Benefit from ETF Approval
The analyst predicts that the approval of Ethereum Spot ETFs could reignite the altcoin season, where lesser-known cryptocurrencies experience significant rallies. In 2021, altcoins like Dogecoin, Filecoin, and Axie Infinity saw massive gains.
SEC’s Recognition of Ethereum as a Non-Security
The SEC’s authorization of Ethereum Spot ETFs has effectively recognized Ethereum as a non-security. This contradicts the SEC’s previous claims that Ethereum was a security.
Implications for Other Cryptocurrencies
The SEC’s decision raises questions about the classification of other cryptocurrencies. If Ethereum, which lacks a contractual agreement, is considered a non-security, then Bitcoin and 12 other similar cryptocurrencies should also be treated as non-securities. This highlights the SEC’s potential lack of regulatory clarity and inconsistent approach to different crypto assets.
