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Altcoin Market Cap Breaks $425B, Bitcoin Stalls at $96K; Franklin Templeton Eyes Crypto ETF

Coin WorldThursday, Feb 6, 2025 9:44 pm ET

1min read

Trader Says $425,000,000,000 Altcoin Market Cap Likely To Be Broken, Updates Outlook on Bitcoin

Crypto trader Rekt Capital recently shared insights on the altcoin market cap and Bitcoin's outlook. The analyst believes that the $425 billion resistance level for the altcoin market cap may soon be broken, as the OTHERS chart, which depicts the total crypto market cap excluding the top ten coins, is showing signs of a potential recovery. Rekt Capital noted that the OTHERS retracement from the $425 billion level is shallower than prior breakdowns, suggesting that there is now a greater potential for the alt market cap to flip it into support.

Rekt Capital also updated his outlook on Bitcoin, predicting that the flagship crypto asset will trade sideways in the near term on the weekly chart. The analyst noted that Bitcoin revisited the $101,000 level but failed the subsequent post-breakout retest of it into new support. Bitcoin is currently trading for $96,860 at time of writing, down 1.1% in the last 24 hours.

Franklin Templeton Seeks SEC Approval for New Cryptocurrency Index ETF

Franklin Templeton Investments has stated that the company is seeking regulatory approval to launch a new cryptocurrency index ETF. Several companies have applied for approval for ETFs consisting of cryptocurrencies other than Bitcoin and Ethereum, such as SOL and XRP, and the approval for these ETFs is still pending. In a regulatory filing, Franklin Templeton stated that the fund may currently not hold any digital assets other than BTC and ETH, and it is uncertain whether any additional digital assets will be added to the underlying index in the future. If other cryptocurrency ETF applications receive approval from the U.S. SEC, this will provide Franklin with room to adjust its ETF strategy.

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