Markets
Ethereum Soars 22% Amid Ether ETF Approval Speculation
The second largest in the world cryptocurrency, Ethereum, rose 22% to $3,772 in the last 24 hours at 7:30 pm IST on Tuesday. This upward movement boosted Ethereumin market value to US$453.2 billion.
O outbreak in cryptocurrency comes amid speculation about the outcome of U.S. spot exchange-traded fund applications (ETFs) tracking the world’s second-largest cryptocurrency.
This week, the US markets watchdog is expected to deliver its decision on several spot Ether ETF applications. Analysts and investors speculate that Tuesday’s increase could be attributed to rumors suggesting that the Securities and Futures Commission could approve these products, contrary to previous expectations of rejection.
Crypto Tracker
“Ethereum rose around 20% overnight, recording its biggest candle in 5 years, following positive developments in its Spot ETF decision. US SEC has asked Ethereum spot ETF applicants to update their 19b-4 filings – indicating that they will likely be approved this week,” said Vikram Subburaj, CEO of Giotus“If the ETH ETF is approved, we predict Ethereum will rise to $4,000 in the coming days,” said Subburaj. Over the past seven days, Ethereum has experienced a significant increase in value, rising 32%. Ethereum trading volume in the twenty-four hours prior to the time of writing this article has risen to $46.98 billion, marking a 329.6% increase. Bitcoin rose 5.8% to reach $70,734 in the last 24 hours, contributing to a nearly 9% increase in the global cryptocurrency market cap, which now stands at around $2.63 trillion. In the last 24 hours, the market value of Bitcoin, the largest cryptocurrency market value in the world, has increased to $1.393 trillion. Bitcoin dominance is currently 53.25%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 158% to $58.4 billion.
Other main cryptographic tokens such as BNB (8%), XRP (6.4%), Dogecoin (12.9%), Shiba Inu (8.9%), Avalanche (8.9%), and Cardano (8.3%) also rose.
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