Bitcoin spot ETF approval is a hotly debated subject in the crypto community. Many believe that these ETFs will help stabilize the market because they show support from large institutions and regulators, which makes investors more confident. But if Greyscale CEO Michael Sonnenshein’s latest prediction comes true, the price of $BTC could be valued at a cool $731,000.
Sonnenshein recently said he expects the crypto market to see a 30-fold surge if the Bitcoin spot ETFs get approved. The current market cap of around $1.7 trillion would be 17x to over $30 trillion, sending the price of even large market cap cryptos like Ethereum skyrocketing by as much as 15x.
The bold outlook is already affecting the market and pumping prices, as many altcoins are reaching yearly highs. Prices of $BTC, $ETH, $SOL, and the newly emerged Galaxy Fox are especially interesting. Let’s examine their market performance identify the best altcoins to invest in the coming months, and take a look at how much they’d be worth if Sonnenshein’s prediction comes true.
How are $BTC, $ETF, and $SOL Benefiting from the BTC ETF Anticipation?
Charles Gasparino from Fox Business reports that financial companies are optimistic about the SEC approving spot Bitcoin ETFs after January 8, 2024.
Upon approval of the ETFs, Bitcoin’s price is anticipated to range from $42,000 to $60,000. This range is expected to grow even further by the time of the halving event, meaning the crypto community has a very lucrative year ahead.
Ethereum and Solana, the two best altcoins in the crypto market, are believed to benefit massively from these anticipations. For example, the funding rate for $ETH has risen sharply, which means traders are becoming more positive about the crypto.
Expectations are high for $ETH to continue its upward price trend, possibly reaching around $2,500 by Q1 2024. But if Sonnenshein’s prediction were to come true, $ETH would be valued as high as $42,500.
Similarly, Solana, one of the best altcoins to invest in, has shown remarkable growth, setting a new annual high in market value and overtaking Ripple. The price of $SOL has risen to almost $95 so far, which will likely reach $100 at the beginning of 2024. A $30 trillion market cap would put Solana at $1,700.
Role of Fox Galaxy ($GFOX) in the Market
Probably the most intriguing participant in the current market is Galaxy Fox, a new ICO crypto that presents itself as a mix of a meme coin and a play-to-earn token. Unlike typical P2E models, which only compensate a tiny portion of highly competent players, Galaxy Fox offers an opportunity for all players to gain. Galaxy Fox introduces a simple yet rewarding Web3 runner game where top leaderboard players are rewarded weekly.
Another way to profit from $GFOX is staking. The protocol’s staking element, the Stargate module, gathers and distributes 2% of all ecosystem transactions to stakeholders. This strategy attracts investors and players since it ensures that rewards will grow with the environment.
$GFOX is also known for its fascinating NFT collection that will be released during the presale and offer investors another way to gain passive income from $GFOX investments. These fox-themed NFTs will be available to trade on OpenSea and will have tangible utility inside the game.
Galaxy Fox has experienced its fair share of bullish sentiment during the Bitcoin ETF anticipations as well. The token moved into Stage 5 of its presale and raised more than $1.5 million. With five more presale stages ahead and the intensive investor influx, the prices are anticipated to grow from the current $0.001518 to $0.002904 by the early days of Q1 2024. If we put Sonnenshein’s valuation to the memecoin market, prices would be almost inconceivably high, given the ridiculous rates of return already commonplace in the memecoin world. Under the current market cap of just over $1.7 trillion, leading memecoins would likely see 200x of their current valuations, while a presale coin like $GFOX could see a rate of around 1000x.
Summary
Wide-scale adoption of crypto assets is happening before our very eyes, and introducing $BTC ETFs will open up the floodgates of opportunity for their growth – possibly growing the market and prices exponentially. But the most important thing is to find assets that will bring the biggest returns for the long term. So, if you want to capitalize on this opportunity and find the best altcoins to invest in, be sure to check out $GFOX.
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