HomeNewsCrypto Rollercoaster: Ethereum Soars 10%, Altcoins Skyrocket 30%, While Bitcoin Inches Up...

Crypto Rollercoaster: Ethereum Soars 10%, Altcoins Skyrocket 30%, While Bitcoin Inches Up $500 to $46,300 – Is BlackRock Eyeing Ethereum ETFs?

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  • Ethereum and several altcoins have seen a significant surge following the approval of Bitcoin ETFs.
  • Despite Bitcoin’s modest growth, altcoins like ETC, Arbitrum, and Mantle have outperformed, with increases of up to 30%.

The approval of Bitcoin Exchange-Traded Funds (ETFs) has had a ripple effect on the cryptocurrency market, with Ethereum and several altcoins experiencing substantial growth. While Bitcoin’s increase has been modest, rising by only $500 since the Securities and Exchange Commission (SEC) announced its approval, altcoins have demonstrated significantly better performance.

Ethereum Leads the Altcoin Surge

Ethereum, the world’s second-largest cryptocurrency, has risen by more than 10%. This growth has been mirrored by related altcoins, which have exploded even more dramatically following the approval. Staking tokens such as Lido DAO and Rocket Pool have increased by 20%, while Layer 2 solutions like Arbitrum and Optimism have surged by over 30%.

This surge can be attributed to the fact that Ethereum also had ETF applications submitted last year. If only 1% of asset managers’ funds flow into an Ethereum ETF, the price could rise to over $6000. The current price stands at $2500, with a market capitalization of $300 billion. Ethereum’s all-time high was nearly $5000, achieved in November 2021.

Despite the crisis in the crypto market, Ethereum has recovered less strongly than Bitcoin and other altcoins, having risen only 90% year-on-year. However, the approval of Bitcoin ETFs and the potential approval of Ethereum ETFs could change this trajectory. As trading and money inflows for all Bitcoin ETFs are set to commence today, no funds have flowed into the Bitcoin ETFs as of yet, indicating that the full impact of this development is yet to be seen.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628