Altcoin run sparked by Coinbase vs. SEC case, reports suggest
According to Crypto Capital Venture, a popular YouTube analyst, a ruling in favor of Coinbase against the SEC could potentially trigger a surge in altcoin prices, with assets like ADA potentially experiencing a 100% increase.
Crypto Capital Venture examines the events leading up to the ruling, highlighting that just 22 days after the SEC allowed Coinbase to go public, Gary Gensler, the head of the SEC, testified that the exchanges trading these assets lack the necessary regulatory framework from the SEC or CFTC.
Simultaneously, the judge overseeing the Ripple case declared that XRP is not a security, causing significant uncertainty in the market due to the lack of clarity.
Interestingly, when looking at the daily charts for Ripple (XRP), it can be observed that following the news, the coin experienced a 100% surge in July 2023 before dropping back to previous levels. Meanwhile, Bitcoin (BTC) and the rest of the crypto market are still a long way from reaching bull market numbers. However, as the Bitcoin halving event, which involves cutting the mining reward in half, approaches, prices are likely to improve, as is typically observed during this event.
The analyst’s main finding is that the crypto market is very bullish as we enter 2024, particularly considering the bearish market sentiment when XRP experienced its 100% surge back in July.
The analyst also compares the chart of Cardano (ADA), speculating that it could potentially experience a 100% surge similar to XRP, especially given the positive sentiment surrounding the recent approval of spot Bitcoin ETFs. Based on the daily chart, Crypto Capital Venture predicts that ADA may consolidate until March, although a ruling is expected during that time.
While it is unclear how the final decision will unfold, the analyst believes that the market is in a favorable position to reach a resolution.
Read more:
Analyst: Altcoin season index signal fires off
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