(21 May 2024, 10:17 AM IST)
On Tuesday morning, the cryptocurrency market experienced a significant surge, with major cryptocurrencies showing impressive gains. This sudden rise can be attributed to the news surrounding the Ethereum Spot ETF.
Ethereum Spot ETF:
The U.S. Securities and Exchange Commission (SEC) has asked potential ether exchange-traded fund (ETF) exchanges to update their 19b-4 filings ahead of a crucial deadline this week. While the SEC was initially expected to reject these ether ETF filings, the recent request for updates suggests that progress is being made, hinting at a possible approval in the future.
As a result of this promising development, Ethereum (ETH) saw its price soar to $3,673, marking a remarkable 17.63% increase in just the past 24 hours. This boost also contributed to a significant rise in the global cryptocurrency market cap, which increased by 8.16%, reaching $2.61 trillion.
Bitcoin, Solana, and Avalanche: Joining the Rally
The positive sentiment surrounding Ethereum’s potential ETF has also spilled over to other major cryptocurrencies:
- Bitcoin (BTC): The price of Bitcoin jumped by 5.76% over the last 24 hours, reaching $70,938. Bitcoin’s market cap now stands at an impressive $1.40 trillion.
- Solana (SOL): Solana has also benefited from the market’s optimistic mood, with its price rising by 4.92% to $184.43. Solana’s market cap is now $82 billion.
- Avalanche (AVAX): Avalanche saw one of the most significant gains, with its price surging by 12.27% to $40.50. Avalanche’s market cap is currently $15 billion.
Market Sentiment and Future Outlook
The recent surge in cryptocurrency prices highlights the market’s sensitivity to regulatory news and potential advancements. The Ethereum Spot ETF news has not only boosted Ethereum’s price but also created a ripple effect, positively impacting other major cryptocurrencies. As the SEC’s decision on the Ethereum ETF approaches, the market remains hopeful, and many investors are watching closely to see how this development will unfold.