Altcoin Market Struggles to Break Out
The broader crypto market is showing signs of life, but the long-awaited altcoin season remains elusive. While major assets like Ethereum have pushed above $4,400 and Binance Coin set a new all-time high above $1,100, most altcoins continue to trade sideways with limited momentum.
Coins such as Cardano and Tron have barely moved, with gains under 1% in the past 24 hours. Cardano remains below $1.00, and Tron is holding at $0.34. XRP posted a modest 2% rise but continues to trade within its established range. Other major altcoins, including Litecoin, Chainlink, Cronos, and Shiba Inu, are in the red, underscoring the broader market’s hesitance.
Earlier in September, the Altcoin Season Index reached 77, raising hopes of a breakout rally. However, it has since fallen to 67, signaling weak momentum and underperformance across much of the market. The drop highlights a growing question: can the bullish reputation of “Uptober” provide the spark altcoins need to finally surge?
ETF Decisions Could Be the Turning Point
One potential catalyst on the horizon is a series of decisions by the U.S. Securities and Exchange Commission on 16 pending crypto ETFs. These funds, tied to assets like Solana, Ripple, Dogecoin, Litecoin, and Cardano, could significantly shift market dynamics if approved.
Key rulings are expected this month, with Grayscale’s Solana and Litecoin trusts facing deadlines on October 10. Analysts say the SEC’s recent adoption of standardized listing procedures and a pause in delay announcements point to a higher likelihood of approvals. Estimates put the odds between 90% and 100%.
If greenlit, the new ETFs could unlock a wave of institutional capital, potentially igniting the long-awaited altcoin rally. Until then, the market remains in a holding pattern, watching closely to see if Uptober’s bullish history repeats itself.
The next few weeks could prove decisive. A surge in institutional demand triggered by ETF approvals might finally break the consolidation and usher in a new chapter for altcoins, ending one of the most prolonged lulls in recent memory.
