Leading exchange-traded funds (ETFs) provider ProShares has introduced a new Ether Futures EFT for risk-averse investors who want exposure to the crypto market but are scared to invest in it directly. The news has created a buzz around the crypto market, seeing Ether and other top altcoins shoot up in price as interest in ETH intensifies.
At the same time, the likes of PancakeSwap (CAKE) and VC Spectra (SPCT) are riding high following a string of good performances. Let’s explore what has happened in the crypto space over the last few days.
What you'll learn 👉
Summary
- ProShares launches Ether ETF, much to the excitement of the crypto market.
- PancakeSwap enjoys an incredible run after a record month.
- VC Spectra continues to defy detractors with incredible presale gains.
ProShares Ether Futures ETF Has The Crypto Community Excited
Many investors have Ether on their list of altcoins to watch, for good measure. Recently, ProShares introduced a new Ethereum future for investors who desire crypto exposure but are scared of directly entering the market.
According to people in the know, the ETF will invest in Ether futures contracts traded on the Chicago Mercantile Exchange (CME). Since the news broke, there has been significant interest registered in this ETF, especially by investors who find crypto investments a bit too volatile and risky.
At the surface, the ETHF will track the performance of the CME Ether futures contract, which is cash-settled and has a lower risk profile than trading Ether directly on crypto exchanges. The launch of the ETF has been praised as a positive step for the crypto market, as it allows more individuals to profit from its growth without being directly involved with crypto assets.
This launch also solidifies ProShare’s position as a leading light within the ETH market, with over $60 billion under its control within various ETFs.
PancakeSwap (CAKE) Sees Increased Interest After a Spectacular October
PancakeSwap (CAKE) is enjoying an uptick in interest after the protocol enjoyed a spectacular October, where its trading volumes on various chains hit record highs. PancakeSwap (CAKE) was able to enjoy commendable growth after managing to see over $7 billion exchanged on different chains.
BNBChain had the most volume, with over $5.98 billion, followed by Ethereum, which has $468.3 million. PancakeSwap (CAKE) is expected to continue its tremendous growth as it plans to add support for more chains.
The news has been great for CAKE, which has shot up 137% over the past 3 weeks. As of November 7, CAKE is trading around $2.21. It faces major resistance at the $4.43 level, which, if successful, will aim for the next one at $5.46.
This is a very achievable goal for PancakeSwap, which is enjoying a tremendous boost after its CAKE burn, where over 9 million tokens worth $20 million were burned recently. The deflationary nature of the tokens is great for CAKE in the long term, as this should push its price up. No wonder investors have PancakeSwap (CAKE) on their list of altcoins to watch.
VC Spectra (SPCT) Outshines Other New Projects
Newly launched decentralized hedge fund, VC Spectra (SPCT), continues to outshine other new projects, leading investors to consider it one of the best cryptocurrency projects around. Its native token, SPCT, is up 587.5% in its fourth presale stage and is projected to grow past $0.08 before the end of the process.
That’s quite a return for investors who had to spend only $0.008 at the first presale stage. The SPCT tokens are based on the BRC-20 standard that governs Bitcoin-related tokens. But unlike Bitcoin, which has a fixed supply, VC Spectra (SPCT) is deflationary, meaning its supply decreases with time, thus boosting the price even higher.
SPCT serves as the gateway to everything VC Spectra has to offer. Its ecosystem consists of an exchange, asset management tool, prediction market, and terminal. SPCT allows holders to access various investments on offer on VC Spectra.
And holding SPCT tokens offers various benefits on VC Spectra, such as being eligible for quarterly dividends and buybacks. You get to vote on how the project is run and, most importantly, access various ICO investments early.
Learn more about VC Spectra (SPCT) and its presale:
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