Altcoin Season Faces hurdles Despite Market Recovery
While the crypto market shows signs of recovery, the altcoin season remains subdued. Ethereum has reclaimed $4,400, and Binance Coin hit a new high above $1,100. However, most altcoins are still stuck in consolidation.
Coins like Cardano and Tron have seen minimal gains,with Cardano below $1.00 and Tron at $0.34. XRP gained 2%, but its price remains unchanged.Litecoin, Chainlink, Cronos, and Shiba Inu are even posting losses.
The Altcoin season Index, which surged to 77 in September, has now dropped to 67. this indicates weak momentum across most altcoins. The fading enthusiasm raises doubts about the “Uptober” rally’s ability to revive the altcoin market.
However,there’s hope on the horizon. The U.S. SEC is set to decide on 16 crypto ETFs this month. These include assets tied to Solana,Ripple,Dogecoin,Litecoin,and Cardano. Grayscale’s Solana and Litecoin Trusts face deadlines on Oct 10.
Industry experts believe the SEC’s adoption of standard generic listing rules increases the likelihood of approval. Analysts estimate a 90% to 100% chance of approval, which could bring in institutional capital. Whether Uptober’s bullish trend translates into a full altcoin season depends on the SEC’s decisions.
