The recent approval of 11 spot Bitcoin ETF applications marked the climax of a year of speculations and predictions.
How has this development affected analysts’ forecasts? How high can Ethereum (ETH) go in this new era of crypto? We will also see how analysts think the new Algotech (ALGT) project will fare after the news.
- The US SEC approves spot Bitcoin ETFs.
- The Ethereum price prediction for 2024 is $6,500.
- Algotech (ALGT) offers automated crypto trading for beginners.
Spot Bitcoin ETF Approval Marks Landmark Moment For Crypto
On January 10, 2024, Gary Gensler, the US Securities and Exchange Commission Chair, announced that the regulator had approved 11 spot Bitcoin ETF applications simultaneously. He made the announcement through a statement on the SEC’s website. The green light came on the deadline for the approval of the first spot Bitcoin application filed by Ark Invest.
The approval means that Bitcoin will now become readily available to investors outside the regular crypto circles as an investment option. The ETFs will be listed on US-registered and regulated securities exchanges.
However, the statement warned that the SEC doesn’t approve or endorse Bitcoin. The SEC also urged investors to get information about the risks associated with investing in crypto before investing in the ETFs.
The approval was not without some drama, as the X account of the SEC was breached on January 9, with the attacker posting that the spot Bitcoin ETFs had been approved.
Analysts’ Ethereum Price Prediction Is Optimistic After ETF Approval
The approval of spot Bitcoin ETFs has always been viewed as a positive development for Bitcoin and the crypto industry. Analysts at VanEck predict that Bitcoin could receive up to $750 million in inflows in the first quarter after approval and $40.4 billion within the first two years.
If this happens, the increased demand for Bitcoin could push the price to new ATHs within the next two years. And considering the crypto market and Ethereum (ETH) in particular, following Bitcoin’s lead, we might be looking at new ATHs for Ethereum (ETH).
Based on this analysis, the Ethereum price prediction for 2024 is $6,500 per ETH token. This is 35% above Ethereum’s (ETH) previous ATH of $4,800 per ETH token set in November 2021.
Ethereum (ETH) initially surged 15.6%, from $2,344.92 to $2,710.42 on January 12. However, the price has currently retraced back to $2,318.82 per ETH token. Analysts say Ethereum’s (ETH) retracement might be temporary. They say the premier altcoin might still reach the predicted heights as Bitcoin steadily rises as more money from investors pours in through the spot ETFs.
Algotech (ALGT) Set for Massive Surge After ETF Approval
Algotech (ALGT) is a decentralized algorithmic crypto trading platform that aims to make trading and investment more efficient through automation. The project utilizes machine learning and data analysis to create algorithms that make trading straightforward and more profitable.
The decentralized nature of the platform also ensures that all transactions are visible, encouraging transparency. In addition, Algotech (ALGT) runs on a robust technical infrastructure that ensures the exchange can handle a large volume of transactions with low latency and considerable speed.
Algotech (ALGT) also has risk management features to protect users from devastating losses. One of these features, position sizing, ensures that traders don’t invest a substantial amount of their portfolio in one position. Another feature, portfolio management, ensures that investments are spread across multiple assets.
All these features make Algotech (ALGT) one of the altcoins to watch in 2024. The first set of investors share this sentiment, which is why Algotech (ALGT) raised $1.1 million in two days during its seed sale.
In the wake of the Bitcoin ETF news, ALGT is projected to soar 275% from its current price of $0.04 to $0.15 by the end of the public presale. To benefit from this surge, you need to purchase ALGT during Stage 1 of the presale. This is because the profit margin reduces as Algotech moves into subsequent presale stages.
All these combine to make Algotech (ALGT) the best new crypto to invest in.