Ethereum (ETH) is on a tear, leaving traders wondering if we’ve entered a new bull cycle.
With ETH posting double-digit weekly gains and closing in on the $4,000 level, one key question remains: can this rally continue?
Ethereum’s Record-Breaking Rally Sees Token Near $4,000 Level
What a week it has been for Ethereum investors.
The world’s second-largest crypto has been in huge demand and is now priced at $3,898 – its highest value since mid-March.
ETH is up 28% in the past week alone, following a rally that began last Monday when whispers of potential spot ETF approvals began to circulate.
These rumors sent ETH parabolic, giving the token its biggest daily green candle in history.
Sure enough, by Thursday, the SEC had made it official, giving the green light to these ETFs.
Unsurprisingly, the announcement has been a huge positive for ETH.
Spot trading volumes are rapidly catching up to Bitcoin’s, with only $600 million separating the two over the past 24 hours.
Even the Ethereum Fear & Greed Index has rocketed to 73 – bordering “Extreme Greed” territory.
Whether the rally is rational or not, there’s no denying the incredible buzz around ETH and its prospects.
Will the Bullish Momentum Be Sustained After Spot ETH ETF Approval?
So, can Ethereum’s rally be sustained?
Many believe the hype surrounding spot ETFs being approved won’t be going away anytime soon.
While the SEC’s approval of these ETFs was undoubtedly a watershed moment, it could still be weeks before they begin trading.
The approval process for each individual ETF could drag on – and no one knows for sure how long it will take.
However, it might be a bullish catalyst for ETH once they do finally go live.
Cue the spot Bitcoin ETF example.
When those funds began trading in January, BTC’s price initially dropped but then recovered and went on a rally that lasted almost two months.
During that rally, BTC’s value rose by over 90% – and ETH investors will be hoping that a similar pattern plays out for them.
If it does, we could see the token’s price surge in the coming weeks and months.
That being said, there’s also the potential that the ETFs going live have now been priced in, given that Ethereum’s price has risen so much in the past two weeks.
Ultimately, only time will tell if ETH can keep up this momentum – but things are looking pretty positive for the second-largest crypto right now.
Which Other Altcoins Could Rally Post-ETF Approval?
Although Ethereum’s post-ETF trajectory remains unclear, the positive investor sentiment could benefit many altcoins.
Thanks to its disruptive Learn-to-Earn feature, one coin that seems well-positioned to capitalize on the bullishness is 99Bitcoins Token (99BTC).
New 99Bitcoins Token Enables Investors to Learn, Earn, & Profit
99Bitcoins Token’s developers have now raised over $1.6 million in its ongoing presale.
During this presale, investors can buy 99BTC, the project’s native token, for just $0.00106.
And this discounted price has proved appealing to many in the crypto community.
As outlined in the project’s whitepaper, 99Bitcoins Token is launching a new Learn-to-Earn model that incentivizes users to learn about crypto.
Users can earn 99BTC rewards for consuming educational content or taking quizzes on various crypto-related topics.
It’s a much-needed use case in an industry that’s still hard to understand for beginners.
But the utility doesn’t stop there.
Like many altcoins, 99BTC also features yield-generating opportunities through staking.
Estimated annual yields are quoted at over 1,000% right now – although that figure will decrease as more 99BTC tokens are staked.
Alongside staking, there’s also an enormous airdrop campaign where $99,999 worth of BTC will be distributed to 99 lucky community members.
These two factors have helped 99Bitcoins Token attract massive attention recently.
Popular YouTuber Zach Humphries even praised 99BTC in a video released to his 145,000 subscribers last week.
So, while 99Bitcoins Token may not be directly impacted by spot ETH ETF approval, the overall positive sentiment around crypto could definitely create a favorable environment for it to thrive.
