beincrypto.com
All eyes were on Bitcoin today as the US Securities and Exchange Commission approved spot ETFs. However, the suggestion that the news was already priced in appears to have some merit. BTC remained flat, but altcoins are flying.
On January 10, the SEC finally approved a raft of spot Bitcoin ETFs from a range of fund managers, including BlackRock and Fidelity.
‘Altseason’ Ignited
However, Bitcoin prices only made a minor move to $47,600 before retreating back. It has gained only 1.3% over the past 24 hours.
In fact, BTC prices climbed higher when the SEC social media account was hacked with fake ETF news on the previous day.
Many analysts had suggested that Bitcoin prices were already factored in, and it may well be a sell-the-news event. This appears to be the case.
However, the SEC appears to have ignited what many refer to as ‘altcoin season,’ with many crypto assets surging by double digits today. “Didn’t personally expect altcoins to behave like this,” commented ‘Altcoin Sherpa.’
Read more: 13 Best Altcoins To Invest In January 2024
Industry executive Dan Gambardello also commented on the altcoins outperforming Bitcoin upon ETF approval, adding, “Welcome to crypto.”
Meanwhile, crypto trader Scott Melker said:
“Gary Gensler blessed us with altseason. Is there a better outcome than him FINALLY approving a Bitcoin Spot ETF and altcoins pumping instead?”
Total crypto market capitalization has gained 3.8% on the day to reach a 21-month high of $1.85 trillion, and it is being driven by altcoins.
Moreover, every altcoin in the top twenty by market cap is outperforming Bitcoin at the time of press.
Ethereum, which many considered to be underperforming, has surged a whopping 10% to reach $2,583, its highest price since early May 2022.
Altcoin Winners Post SEC ETF Approval
Other altcoins surging at the moment include Cardano (ADA), which has made 12% on the day to reach $0.573.
Avalanche (AVAX) has gained a similar amount, climbing to $38.63, while Polkadot (DOT) surged 14.6% to reach $8.16 at the time of press.
Chainlink (LINK) is up 9.6% to trade at $14.91, and Polygon (MATIC) pumped 12% to reach $0.906.
Other altcoins gaining double digits today include Uniswap (UNI), Ethereum Classic (ETC), Optimism (OP), Near Protocol (NEAR), Filecoin (FIL), Arbitrum (ARB), and Immutable (IMX).