Although the SEC recently approved spot Ethereum ETFs, the price of Ethereum has fallen short of expectations.
Investor optimism for a price surge has faded due to significant declines in ETH over recent months. However, a CryptoQuant analyst has provided a much-anticipated analysis on the situation.
The analyst highlighted that despite Ethereum’s steep decline over the past five months, its current market price is still above the realized price.
According to the analyst, ETH’s ability to stay above the realized price suggests an ongoing upward trend, which could indicate the start of an altcoin bull market.
“Ethereum has maintained its realized price level despite the sharp decline in recent months, acting as support for ETH. Historically, altcoin bull markets have begun when Ethereum held strong above its realized price,” the analyst explained.
Bonk Inu (BONK), a popular meme coin built on the Solana blockchain, has made a significant leap in the global cryptocurrency space.
Cryptocurrency analyst Bluntz has expressed optimism about a newly launched, cat-themed memecoin within the Binance Smart Chain.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.
PayPal has announced the launch of its stablecoin, PYUSD, on the Solana blockchain, citing limitations in Ethereum for payment solutions.