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Cryptocurrency Prices Rise on Hopes of Ether ETF Approval
Ethereum (ETH-USD) is rising on the back of renewed hopes that a new class of ether-linked U.S. exchange-traded funds (ETFs) will be approved. Securities and Exchange Commission Approves 13 Bitcoin Spots (BTC-USD) In January, ETFs sparked rumors about other digital coins getting the same status.
Brad Smith explains the importance of the potential approval of an ether ETF and discusses the mass use of the digital currency.
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This article was written by Gabriel Roy.
Video transcription
And then also a lot on the cryptocurrency front today.
Yes, we will move to Bitcoin and then Ethereum.
We’ll talk about that in a second.
Hopes for ETF and Ether ETF approval.
They are driving up cryptocurrency prices here, taking a look at Bitcoin.
But let’s move on to the heatmaps because that’s where everything is going as we take a look at some of the cryptocurrencies Bitcoin right now, it’s up about 6% here and then there too you see it out move higher for ether or ethereum , whatever you call it in your house, don’t fight about it.
However, it will grow by 22%.
One of the biggest things, obviously, that we’ve been tracking this year is where we might see some of the other smaller, non-Bitcoin coins.
This has already gotten ETF approvals which came towards the end of last year and then really kicked off some of the most chatter around.
OK, what could potentially happen next in some of the other alternative coins?
Well, ether was naturally next on the list.
This is one that already has mass usage here.
Think of all those NTFS.
Where are we still NFT?
This too is out of the question.
But all these things considered, the ether has had a notable rally since the beginning of the year.
Taking a look at the performance here, 60% moves upward.
Of course, we are not back to some of these levels yet.
We aim to try to eliminate them.
We’ll see if we can get above the level that we saw in early March, but that’s one of the other important things to remember here.
We also proceed to use Ethereum Beyond.
Beyond it as a store of value is the amount of people that are trying to trade it on some of the Robin Hoods on some of the other trading platforms that are trying to introduce even more functionality there.
And so the cryptocurrency markets don’t close, and so you’ll continue to see it moving all the time.