The altcoin market is making waves this week with significant price increases and the potential approval of an Ethereum-based ETF in the United States. This news has led to a surge in the price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
In the past 24 hours alone, Ethereum has experienced an impressive 18% surge, reaching a milestone price of $3,636.73. This surge can be attributed to the high expectations surrounding the US Securities and Exchange Commission (SEC), which is rumored to be on the verge of approving an Ethereum spot ETF. While the SEC had previously given the green light to 11 Bitcoin ETFs in January of this year, it had been hesitant about approving an equivalent for Ethereum.
But Ethereum isn’t the only cryptocurrency experiencing significant price increases. Uniswap (UNI) has seen a 20% rise, reaching a value of $9.30. Meanwhile, Solana (SOL) is approaching a crucial resistance point, with its price aiming for the $190 mark. On the other hand, the relatively unknown PepeCoin (PEPE) has seen a staggering 22% increase, suggesting a potential attempt to reach the $0.000011 resistance.
These market movements are largely influenced by the performance of Bitcoin (BTC), which has surpassed the $70,000 mark. This has triggered a series of sell-offs and has instilled growing optimism in the market. If Bitcoin manages to maintain its position above this mark, experts speculate that the next target could be $73,000.
The anticipation surrounding the approval of an Ethereum ETF adds an extra layer of optimism to the market, especially after the SEC showed openness to innovation by approving Bitcoin ETFs earlier this year.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
Today, the crypto markets are soaring with Bitcoin breaking the $70,000 barrier and Ethereum reaching a price of $3,450. Other notable highlights include SOL, BEAM, and INJ.