Altcoin Season hinges on SEC ETF Decisions Amid Market Recovery
While the crypto market shows signs of recovery, the altcoin season remains subdued. Ethereum has surpassed $4,400, and Binance Coin hit a new high above $1,100. Though, most altcoins are still stuck in consolidation.
The Altcoin Season Index fell from 77 to 65, indicating weak momentum. Coins like Cardano and Tron are up less than 1% in the last 24 hours. Cardano trades below $1.00, and Tron is at $0.34. XRP gained 2%, but its price is unchanged. Litecoin, Chainlink, Cronos, and Shiba Inu are posting losses.
earlier in September, the Altcoin Season Index surged to 77, fueling hopes for a rally. Now, the index is at 67, showing underperformance. The fading momentum raises questions about weather “Uptober” can revive the altcoin market.
Crypto ETF decisions could be the catalyst. the SEC is set to rule on 16 crypto ETFs this month, covering solana, ripple, Dogecoin, Litecoin, and Cardano. Grayscale’s Solana and Litecoin Trusts face deadlines on Oct 10.
Industry watchers say the SEC’s adoption of standard generic listing rules boosts approval odds. Analysts now peg the approval odds between 90% and 100%. If approved, these ETFs could unlock institutional capital, sparking the long-awaited altcoin rally.
