Altcoin Run Possible If Judge Rules in Favor of Coinbase
A YouTube analyst known as Crypto Capital Venture suggests that if the judge rules in favor of Coinbase against the SEC, it could potentially trigger an altcoin run, resulting in up to 100% gains on assets like ADA (Cardano).
Key Events Leading Up to the Decision
Crypto Capital Venture highlights several events that have led up to this decision. Just 22 days after the SEC permitted Coinbase to go public, Gary Gensler from the SEC testified that the exchanges trading these assets lack regulatory frameworks at the SEC or CFTC.
In addition, the judge presiding over the Ripple case ruled that XRP is not a security. This ruling has caused significant uncertainty in the market due to the lack of clarity surrounding digital assets.
Ripple’s Impact on Market Sentiment
An interesting observation made by Crypto Capital Venture is that following the news about Ripple (XRP), the coin experienced a 100% surge in July 2023. However, it quickly retraced back to previous levels. The analyst notes that Bitcoin and the rest of the crypto market are still far from bull market territory.
However, with the upcoming Bitcoin halving event, where mining rewards are halved, prices are likely to improve as historically seen during this event.
Bullish Outlook for Crypto in 2024
The analyst concludes that crypto is entering a more bullish phase in 2024. This sentiment is supported by the previous 100% pump seen in XRP back in July. The analyst then turns attention to Cardano (ADA) and speculates that it could experience a similar 100% surge if positive sentiment continues around spot Bitcoin ETF approvals.
While the analyst acknowledges that the timing of the ruling is uncertain, they believe that the market is well-positioned to handle the outcome.
Hot Take: Potential Altcoin Run on the Horizon
If Coinbase wins its case against the SEC, there is a possibility of an altcoin run, resulting in significant gains for assets like Cardano (ADA). The recent ruling on XRP being classified as a non-security has created uncertainty in the market. However, with upcoming events like the Bitcoin halving and potential positive developments for spot Bitcoin ETFs, there is a bullish outlook for crypto in 2024. Although it’s unclear how exactly things will unfold, it seems that the market is ready for a favorable outcome. Keep an eye on these developments as they could have a profound impact on altcoin prices.
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