Matrixport: The cryptocurrency market can currently focus on Bitcoin, Ethereum and Trump-themed Meme coins

Matrixport released a report that the cryptocurrency market is currently focusing on Bitcoin, Ethereum and Trump-themed Meme coins. Lower U.S. inflation may push Bitcoin higher on ETF inflows, the SEC is about to approve an Ethereum spot ETF, traders are planning ahead, and Trump's support for cryptocurrencies has boosted the rise of its related Meme coins. Returns averaged over 4% in June, were stronger in July at over 8%, and Bitcoin is expected to gain over 12% over the next two months. As Bitcoin attracts more attention from traditional financial investors, the driving force has shifted from new use cases and applications to macro factors such as inflation data. The report predicts that as the November 2024 presidential election approaches, Bitcoin prices will rise if pro-cryptocurrency Trump takes the lead. The report noted that support for cryptocurrencies has increased significantly among U.S. political circles. The perpetual futures market saw an additional $4 billion in inflows after the SEC approved the ETF application. Historical experience shows that investors often profit from long positions in Ethereum before the Ethereum ETF begins trading.