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Thanos expects Root Network (ROOT) to surpass the $1 billion market cap due to its recently launched Root Name Service (RNS) and utilization of XRP for cheaper transactions.

Crypto Thanos, a seasoned crypto investor, has called the publics attention to Root Network, a project they expect has the potential to reach a billion-dollar market cap.

The pseudonymous investor asserted that ROOT is one of the few crypto assets that will ever surpass the $1 billion market cap mark. At the time of writing, ROOT boasts a market cap of $46,930,428 ($46.93 million) and is ranked as the 655th-biggest cryptocurrency on CoinMarketCap.

To hit the $1 billion market cap, ROOT must surge by 2,030% from its current valuation of $46.93 million. Reaching the $1 billion valuation seems like an uphill task for ROOT, given that the token is expected to surge over 20x.

Nonetheless, Thanos believes the coin can surpass the $1 billion cap in its lifetime. The investor did not issue a timeline for when they expected this prediction to materialize.

Thanos issued the forecast while reacting to the launch of Root Name Service (RNS), a cross-platform digital identity solution built on Root Network. The solution, introduced in March, finally went live on May 19 at 06:30 PM (EDT).

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Users who wish to own a unique digital identity via RNS can make payments with ROOT and USDC. Like every other Root service, the transaction fees for RNS will be paid in XRP from an EOA address.

According to Thanos, Roots RNS is superior to the popular Ethereum Name Service (ENS), with the potential to outperform it in the long term.

Launched in July 2023, Root Network is a Layer-1 blockchain designed to serve as the central infrastructure for the open metaverse. The crypto project uses a dual-token system. While ROOT performs the role of governance and security within the Root ecosystem, XRP is used as the official gas token.

Besides serving as the Root Networks official gas fee token, XRPs utility was expanded by leading decentralized exchange Moai Finance following the introduction of a single-sided staking service for the coin.Moai also paired XRP with other Root Network-based tokens, including USDC and ROOT.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Seasoned Investor Eyes Over $1B Market Cap For This Altcoin That Utilizes XRP - The Crypto Basic

With the likelihood of the Securities and Exchange Commission (SEC) approving a spot ether ETF suddenly rising, altcoin investors are speculating on a possible flurry of approvals for additional coins.

Indeed, just this morning, WisdomTree gained approval from the UK Financial Conduct Authority to list its 100% physically backed Ethereum ETP on the London Stock Exchange as early as May 28 although the products will not be available for retail investment.

The bullish momentum for ether, which is up 29% this week alone, might spill over into other crypto assets.

On Monday, Bloomberg ETF analysts James Seyffart and Eric Balchunas declared that the likelihood of the SEC approving a spot ether ETF had jumped from 25% to 75% thanks to the agencys reported commentary to at least one exchange and one ETF applicant regarding their 19b-4 exchange rule change request.

The Wall Street Journal confirmed the news while CoinDesk also cited three people familiar with the matter. Around the same time and without citing 19b-4 news, David Han at Coinbase Institutional wrote a note adjusting his outlook for a spot ether ETF upward.

Barrons claimed staff workers at the SEC told exchanges that it is leaning toward approving them, according to people familiar with the matter.

As early as tomorrow, the SEC could approve a so-called 19b-4 filing that, alongside a related S-1 filing the deadline of which is weeks away, might lead to an eventual listing of a spot ether ETF by investment manager VanEck.

Other ETF sponsors have also filed 19b-4 applications with the SEC for a spot ether ETF, including Fidelity, 21Shares, Invesco/Galaxy, and Franklin Templeton. VanEck requested the earliest response date: tomorrow.

Certainly, ether is just one of many altcoins trading on US stock exchanges via trusts. There are over a dozen trusts publicly trading in the US holding alternate crypto assets: Litecoin (LTC), Chainlink (LINK), Basic Attention Token (BAT), Bitcoin Cash (BCH), Decentraland (MANA), Ethereum Classic (ETC), Filecoin (FIL), Polkadot (DOT), Horizon (ZEN), Stellar Lumens (XLM), Livepeer (LPT), Zcash (ZEC), and Solana (SOL).

So, if the SEC approves a spot ether ETF, could it also approve ETFs for additional altcoins?

The logic of altcoin proponents arguing that non-ether spot altcoin ETFs might gain SEC approval shortly after a spot ether ETF usually follows a simple argument: If the SEC permitted Grayscale to convert its bitcoin trust into an ETF, why would commissioners deny trust sponsors of other crypto assets to convert into an ETF?

For obvious reasons, that argument might fail if the SEC claims the crypto asset is an unregistered security. However, the SEC hasnt classified all crypto assets held in US public trusts as securities.

Interestingly, many crypto trusts trading on OTC Markets, a US stock exchange, hold expressly SEC-designated unregistered securities, including SOL, MANA, and FIL. More crypto assets are rumored to be SEC-designated unregistered securities: ZEN, XLM, and ZEN.

Nevertheless, there are certain trusts trading on US OTC Markets that dont hold SEC-designated unregistered securities, such as DOT or ETC trusts. Perhaps, if the SEC were to approve a spot ether ETF, commissioners might approve spot ETFs based on such possibly non-security crypto assets.

Its worth noting that just because the SEC hasnt classified a crypto asset as an unregistered security doesnt mean that its not. Congress didnt task the SEC to proactively classify all assets. Instead, the SEC simply chooses to accept or reject applications that it receives, or file enforcement actions against illegal conduct on a case-by-case basis, as it has the time, money, staff, and resources.

Silence from commissioners doesnt indicate non-designation.

Of course, there is a counterargument against this logic. Unlike altcoins like DOT or ETC, only bitcoin and ether have futures contracts listed on the Chicago Mercantile Exchange (CME). This CME market of significant size for ether alone might be a carrying reason for approving only a spot ether ETF and not any other altcoin.

According to reports from Bloomberg, Barrons, and Wall Street Journal sources, the Trading and Markets Division at the SEC has requested amendments to an exchange and sponsors joint 19b-4 form likely VanEck. This is a bullish sign for a possible spot ether ETF approval because, in the view of market observers, the SEC is typically silent or disinterested in 19b-4 filings if it intends to reject them.

Because the SEC is asking for a reapplication, the reasoning goes, its interest is likely a positive development.

Many viewed the SECs stance toward a spot ether ETF as decidedly negative. Joe Lubins ConsenSys even sued the SEC claiming that commissioners had secretly categorized ether as an unregistered security.

Therefore, if the SEC is actually considering a possible approval of a spot ETF for Ethereum, it would be a marked change of tone.

Read more: ConsenSys says the SEC designated ETH a security but wont say where

Amid all of these media reports, the price of ether has rallied by 29% over the past seven days outperforming bitcoins 12% rally by an additional 17%.

Form 19b-4 asks applicants for the information necessary for the public to understand why the SEC should change its Section 19(b)(1) rules pursuant to the Securities Exchange Act of 1934. In this case, the exchange and an ETF sponsor must explain why the SEC should allow ether to be used as the sole asset of a spot ETF.

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If SEC approves ether ETF, will it approve altcoin ETFs? - Protos

Bitcoins (BTC) recent surge to a record $71,000, followed by a pullback, has set the stage for what many in the cryptocurrency sector believe could signal the onset of an altcoin season.

The coming two weeks are set to be pivotal for the entire altcoin industry. The United States House of Representatives is preparing to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21).

Additionally, the United States Securities and Exchange Commission (SEC) is set to vote on spot Ethereum exchange-traded fund (ETF) later this week. Speculation about the likely approval of both the FIT21 bill and the spot Ethereum ETFs has been rife, driving increased activity in the crypto markets.

At press time, the global cryptocurrency market cap stands at $2.73 trillion, a 0.45% decrease in the last 24 hours.

The cryptocurrency market began the week with strong bullish momentum, led by Ethereums (ETH) recent surge to $3,800, which in turn has driven notable gains across major altcoins.

Historically, Bitcoin initiates market cycles with a robust surge, but significant action typically unfolds during its consolidation phases, where other cryptocurrencies take the lead.

This trend is expected to become more pronounced in the upcoming period, driven by varying forecasts from leading analysts

Prominent crypto analyst Michal van de Poppe observed that the altcoin market cap, referred to as TOTAL2, has completed its recent correction.

Poppe suggested that the altcoin market cap is well-positioned for a rally to retest its all-time high (ATH). Additionally, most altcoins, led by Ethereum, have broken out of a bullish flag pattern in recent days.

Another well-known analyst, Rekt Capital, noted in a post on X (formerly Twitter) that the altcoin market cap, excluding the top 10 cryptocurrencies, has successfully retested the $250 billion level as a support level over recent weeks.

According to his analysis, the altcoin market cap is expected to surge to $315 billion before retracing back to the $250 billion mark. This retracement is projected to be followed by an explosive surge above the $440 billion market capitalization.

Prominent analyst advise investors not to panic and to prepare for the upcoming maniac phase. Prominent crypto analyst Crypto Yoddha shared that the recent dip was just a higher low in an uptrend.

According to his analysis, the altcoin market is looking to retest the $1.27 trillion resistance level seen in March before aiming for the previous cycles $1.7 trillion all-time high. He anticipates a bullish continuation leading to a new market all-time high during the next phase.

Despite these optimistic projections, the altcoin season index by Blockchain Center presents a contrasting view.

According to this index:

If 75% of the top 50 coins performed better than Bitcoin over the last season (90 days), it is Altcoin Season.

Currently, only 37% of the leading 50 altcoins have outperformed Bitcoin in the past 90 days, still insufficient to officially declare an altcoin season.

The cryptocurrency market stands at a critical juncture, with significant legislative decisions and market movements on the horizon.

While many analysts are optimistic about the potential onset of a new altcoin season, contrasting indicators suggest investors should proceed with caution.

The coming weeks will be crucial in determining the direction of the altcoin market, potentially leading to a maniac phase or continued consolidation.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Is the altcoin season 'maniac phase' about to flip on? - Finbold - Finance in Bold