The value of Ethereum substantially increased from $2,100 to $4,000 in March 2024. Its high intrinsic value put it on a pedestal in the blockchain ecosystem, making it a priority for investors initially.
Ethereum’s (ETH) expanding blockchain technology and adaptability in all domains have been pivotal to its increasing value. However, its price has been showing a descending trend since the beginning of 2024. At the beginning of March 2024, the price decreased by 15.89%.
However, despite exciting developments on the blockchain, Ethereum’s bullish momentum has slowed down after rumors emerged that the Ethereum Spot ETF applications are being delayed by the US Securities and Exchange Commission (SEC).
Ethereum ETFs Will Not Be Approved, According to Leading Analysts
Despite impressive on-chain developments like the recent Dencun upgrade, which significantly decreased gas prices on Ethereum Layer-2s, Ethereum is struggling because of ETF rumors.
Leading cryptocurrency insiders are speculating that the SEC will delay the Spot ETF applications by leading financial giants, including BlackRock and Fidelity. This would follow the pattern observed during the Bitcoin Spot ETF process, further pushing back the approval to May 2024. The SEC has currently delayed the ETF application by Hashdex, resulting in negative sentiment in the market.
Based on these factors, investors are seeking safer harbors in emerging projects that have higher upside potential.
DeFi Platform Algotech Becomes Top Choice for 10X Returns
Algotech (ALGT) has become a star performer in the crypto presale market after it announced governance rights for early token holders. The platform further announced that presale participants will receive dividends on trading fees accumulated on the platform. This announcement has caused significant demand for ALGT tokens, resulting in a $2.5 Million raised in the ongoing presale.
The platform allows traders to explore the depths of financial markets and leverage opportunities with news filter scanning. The advanced search stops trading when spreads are high and allows users to find the best breakout trading opportunities on the platform.
Algotech’s exceptional social media buzz and market response has resulted in major traction. The ALGT token price has increased to $0.06, with forecasts of the price hitting $1 by 2025 suggesting major prospects for early community members.
Learn more:
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
