Ethereum’s native coin reached $3,000 on February 20 after a weeklong rally, as cash was poured into multiple cryptocurrencies in the year 2024.
The first time since April 20,22 that Ethereum (ETHThis level confirms the bullish sentiment towards crypto’s second largest asset, blockchain. CoinMarketCap reports that ETH has grown more than 2% over the last 24 hour and 13% in the previous seven days.
After the latest increase, Ethereum has a total market capitalization of over $355 million. This is just under 18%. ETH’s year-to date (YTD) is also up 30%.
Ether has grown in parallel with Bitcoin.BTC) increases and the total cryptocurrency landscape. Bitcoin’s demand has increased since the U.S. SEC permitted spot BTC ETFs on national exchanges like the NASDAQ or CBOE.
Some analysts cited spot Bitcoin ETFs for generating interest in the crypto markets. TradingView data confirms this narrative as the crypto market cap has grown by almost 20% in just two months of 2018.
Ethereum ETF’s momentum
It is not just ETH that’s being targeted by issuers, but also a product with ETH as its underlying asset. Crypto.news reported that several issuers have been launching products using ETH as the underlying asset. ARK 21Shares Invesco Galaxy has filed applications for spot Ethereum ETFs to be listed on U.S. Exchanges.
These products are already available in futures contracts that track upcoming Ether prices instead of spot prices. The SEC usually denies crypto spot-based product requests, citing fraud and market manipulation concerns. But Judge Neomi Rao’s decision in the Grayscale Case overturned that tactic.
Judge Rao labels SEC’s Decision “arbitrary and capricious”The law does not allow for the approval or denial of similar products.
Gary Gensler is the SEC Chair and has frequently expressed his concern about ETH. expressed a divergent view. Gensler still hasn’t decided whether Ethereum is classified as a financial instrument or not, but he does insist that the vast majority cryptocurrencies are included in this category. financial rules.
Analysts predict There is a 50% probability that Ethereum ETFs which track the spot price of ETH will receive regulatory approval in the second half of 2024.
The SEC has delayed Approving or denying Ethereum spot ETFs will not be decided until May. upgrade The cryptocurrency continues to generate optimism. ETH developers hope to deploy Dencun onto the mainnet before March ends.
Dencun Introduces proto-danksharding as an update that will improve data availability for layer-2 rollsups. The solution is said to add blobs for on-chain activities and reduce gas fees. This will make it easier to transact in Ethereum’s ecosystem.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news
