It has just been revealed that a move that Ethereum could make could have the ability to front-run BlackRock. Check out the latest details about this below.
ETH could affect BlackRock
Arthur Cheong, a venture capitalist, has made a prediction about Ethereum’s future. He believes that if BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF) is successful, the company may also apply for a spot Ethereum ETF.
Cheong, who is the founder and CEO of DeFiance Capital, has stated that such an application could happen within a year and could lead to a significant rally in Ethereum’s price.
He shared his views with his 151,900 followers on the social media platform X.
“ETH is probably the best six to 12 month long among large-cap assets now when BlackRock applies for spot ETH ETF six to 12 months down the road.
Ethereum’s ESG (environmental, social, and governance) friendliness and native staking yield will be appealing to institutional investors should BTC spot ETF turn out to be a success.”
According to a market analyst, the ETH/BTC trading pair is expected to experience a correction for at least six months before Ethereum shows any signs of progress against Bitcoin.
This means that the pair has probably not reached its bottom yet, considering that the focus in the short-term will be on Bitcoin, combined with the upcoming halving in April 2020.
However, the analyst suggests that the situation could change after the BTC halving.
At the time of writing, the ETH/BTC pair is trading for 0.0526 BTC ($1,771). The analyst observes that crypto has the potential to be one of the best investments due to its global reach.
Over the past 10-15 years, the financial market has taught us that the best investments are assets that attract global demand and are preferably US dollars denominated.
Besides US equities and fixed incomes, crypto is another asset class that meets these criteria.
He also said that Solana could start to brace for a correction after a big rally, and he suggests other altcoins may start breaking out next.
“Most of the market attention is on SOL but there are some names that are not that far behind with way less attention and not as overbought. Will we see follow-through? Definitely feel some of the animal spirits are back to the market though.”
