Woo said that when the Bitcoin price increases, medium and small-cap altcoins may see increases again as investors seek returns from risky investments, but these increases will be shorter and less effective. According to TradingView data, Bitcoin’s market dominance is at 59.31%, and many analysts predict that capital flows may shift to altcoins after this rate reaches 60%.

Woo stated that taking long-term positions in the altcoin market is risky, and that only people with deep knowledge should consider such investments. He stated that the altcoin market is a “casino”-like space where “winners” contribute to the market value, while losers are not included in this value.

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These views contradict Quantum Economics founder Mati Greenspan’s claims that the upcoming bull market will be focused solely on Bitcoin and its layer 2 solutions. On the other hand, Hashkey Capital analysts argue that Bitcoin’s price must exceed the $80,000 level for the alt season to occur.

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The post Analyst Willy Woo Hints at an Altcoin Rally appeared first on Coin Engineer.

WHAT IS AN ETF?

“ETF” stands for exchange-traded fund. Think of it this way: you have a pencil and give the price right to someone, not in a physical sense. The person with the price right buys and sells at the current price of that pencil and makes a profit. But they do not own the pencil. The working mechanism in Bitcoin will be similar. People will be able to buy and sell Bitcoin without the need for large crypto exchanges, even from the stock exchanges they have at hand. This is good news for our market. Because the entry of the middle and older age group into the market may indicate that the volume may increase.

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WHAT TO EXPECT IF THE ETF IS APPROVED?

We are constantly witnessing news that Bitcoin ETFs are being delayed. They will probably use all the possible delay periods. With these short delays, they will also prevent Bitcoin declines.

Let’s first examine the nearest important decision dates together:

Bitwise – October 16 

BlackRock, Fidelity, VanEck, WisdomTree, Invesco – October 17 

Valkyrie – October 19 

Suppose BlackRock got the ETF approval, this company alone manages $10 trillion in assets. The market cap of all cryptocurrencies is only $1 trillion (including altcoins), i.e. 10 times less. We can witness significant increases if these ETF approvals come – which will come in 2024 since we know many SEC members in the US look favorably on approval – we might see a breathless rise to $35-40k. There is also clearly a gap point at $34k.
The approval of ETFs will bring in new investors to the market and also create a sense of security. On the other hand, the expected ‘Mega Bull’ will also significantly increase the market cap of crypto assets.

A non-volatile asset like gold experienced a full %300 increase after ETF approval. What happens if assets with high volatility like the crypto market get this approval? We will learn the answer to this question very soon.

On the contrary, if the ETF is not approved; troublesome days may be awaiting us in the market. We closely witnessed how much decline even the rumor brought. This possibility may be remote because many people in the US are now favorable towards Bitcoin ETFs.

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The post What Happens if ETF Gets Approved? appeared first on Coin Engineer.