While the probability of the SEC approving spot Ethereum ETFs increased to 75% overnight, this development rocketed ETH and cryptocurrency prices.
While ETH increased by 21.7% in the last 24 hours, Ethereum-based altcoins also experienced double-digit increases.
While the rise is expected to continue after a possible ETH ETF approval, cryptocurrency platform Layergg listed the altcoins that can be watched after the approval.
Layergg listed the following Ethereum-based altcoins that could be tracked if ETH ETFs are approved:
“2024 ETH-Beta Watchlist:
• PEPE – New King of Meme • PENDLE – Best Bluechip DeFi • ENA – Main Beneficiary of ETH Rally • METIS – Gains from the “Low Volatility/High FDV” Debate • ETHFI – Super App for Repurchase
• ALT – Regranted Rollups (RaaS) • REZ – Low Cap Repurchase Center • MKR – “End Game” (Rebranding/Renaming) • OP – Powered by L2 Coinbase and Base Chain • ARB – No. of Tier 2. 1 TVL
• LDO – Redemption (Supported by Paradigm) • ETC – PoW Ethereum • ENS – Vitalik's 'Very Important' Mattress • SSV – Liquid DVT only • UNI – Ethereum OG DeFi”
Pointing out that Ethereum has lagged behind the market since September 2022 and has shown signs of weakness against Bitcoin, Layergg stated that the ETH/BTC trading pair has recently approached the bottom.
Finally, Layergg stated that ETH/BTC will rise after the approval of the Ethereum ETF, and that this rise may bring a major altcoin rally, and that ETH-Beta altcoins are the group with the highest potential to benefit from this rally.
Bitcoin ETF – APPROVED✔️
Ethereum ETF – SOONThe Ethereum ETF has switched from a 10% likelihood to a 75% chance overnight. If approved, the $ETH Spot ETF makes the following projects worth watching.
2024 ETH-Beta Watchlist:
• $PEPE – New King of Meme
• $PENDLE – Top… pic.twitter.com/cSexLJroDr— Layergg (@layerggofficial) May 21, 2024
*This is not investment advice.
