Bitcoin, Ethereum ETF Could Make 'June A Really Good Month For Altcoins,' Predicts Veteran Trader

Zinger Key Points
  • Crypto trader Capo of Crypto foresees a bullish June for a range of altcoins amid the Bitcoin and Ethereum ETFs.
  • He also pointed out that the Polkadot chart is looking good and forming a new bullish trend.

The strong performance of Bitcoin BTC/USD spot ETFs and the upcoming Ethereum ETH/USD spot ETF launch should bode well for altcoins, according to a well-known trader.

What Happened: Capo of Crypto shared his optimistic outlook for altcoins in June, stating that artificial intelligence, real world asset tokens, meme coins, and the Ethereum and Solana SOL/USD ecosystems look good.

Capo stated that despite the recent underperformance of altcoins compared to Bitcoin, the scenario might change soon. He attributed the recent struggles of altcoins to the Bitcoin ETF narrative, which has overshadowed other cryptocurrencies.

He further elaborated that with the upcoming Ethereum ETF narrative, the market might be entering the final phase of the current run. This shift could lead to a significant inflow of capital into altcoins, potentially reversing their recent downtrend.

The prior week, Capo tweeted that Polkadot DOT/USD chart looks good with "price at key major support and forming a new bullish trend." He added that among major blockchains, Polkadot is leading in advancing AI and gaming.  

Also Read: Top Crypto Analyst Shuffles Altcoin Portfolio Before Ethereum ETF: Here’s What He Rotated Into

Why It Matters: Capo's insights come at a time when the approval of a Bitcoin ETF has already had a considerable impact on the market. With the potential introduction of an Ethereum ETF, investors are keen to see how this will affect the broader cryptocurrency market.

He suggests that altcoins, which have lagged Bitcoin in recent months, might see renewed interest and investment.

Notable crypto trader Michael Van De Poppe highlighted how he shuffled his altcoin portfolio focusing on higher ROI prospects ahead of the Ethereum ETF trading. "Altcoins are going to do really well," he said, attributing recent underperformance to Bitcoin ETF impacts.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: What The Ethereum ETF Means For Altcoins And Meme Coins

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