The world’s second-largest cryptocurrency Ethereum (ETH) made strong moves above $3,700 with more than 10% gains over the past week. As of press time, the ETH price is up by 8% trading at $3,704 with a market cap of $444 billion. At its current price, Ethereum is already trading 61% up since the beginning of
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The world’s second-largest cryptocurrency Ethereum (ETH) made strong moves above $3,700 with more than 10% gains over the past week. As of press time, the ETH price is up by 8% trading at $3,704 with a market cap of $444 billion. At its current price, Ethereum is already trading 61% up since the beginning of the year.
ETH Price Rallies With Ethereum ETF Expectations
Ether has recently captured the cryptocurrency spotlight with its most significant surge in over a month, driven by speculation surrounding the potential approval of applications for US exchange-traded funds (ETFs) for the token.
Traders are closely monitoring the situation, anticipating a potential rally in Ether’s price if the Securities and Exchange Commission (SEC) permits spot Ethereum ETFs directly holding the token. Major investment firms like BlackRock Inc. and Fidelity Investments have submitted applications for such funds, but uncertainties persist regarding regulatory approval.
Similarly, the SEC’s decision to approve spot Bitcoin portfolios depended on the correlation between CME Bitcoin futures and the digital asset’s price movements. This correlation was considered sufficient for detecting fraudulent activities and market manipulation.
According to James Seyffart, an ETF analyst at Bloomberg, Defiance Investments has filed an application with the US Securities and Exchange Commission (SEC) to introduce a 2x leveraged Ethereum futures ETF. This ETF could potentially commence trading as soon as late June.
Defiance ETFs just filed for a 2x leveraged #ethereum futures ETF. Will potentially trade under the ticker $ETHL pic.twitter.com/9Z6M6tcQ3V
— James Seyffart (@JSeyff) April 8, 2024
ERC20 Assets In Limelight
In recent updates from on-chain data provider Santiment, Ethereum’s strong performance at the start of the week has propelled ERC20 assets significantly ahead of the broader markets. Over the past week, the sector has seen an impressive growth of +8.1%. Notable performers include TON (+21%), LDO (+12%), and ENA (+12%), which continue to surge.
Additionally, ERC20-based NFTs are experiencing renewed attention after a period of relative quiet. Discussions are emerging regarding Ethereum’s potential for growth, concerns about network congestion and gas fees, as well as anticipation surrounding the world’s first Ether staking ETF approval in Canada.
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