The cryptocurrency market has experienced a notable upswing, with the total market capitalization rising by 7.2% in the last 24 hours to reach $2.737 trillion, according to data from CoinGecko. The 24-hour trading volume also stands at an impressive $168.728 billion.
What you'll learn 👉
Bitcoin and Ethereum Lead the Charge
Bitcoin has seen a 5.62% increase in the last 24 hours. The price of Bitcoin has fluctuated between a low of $66,319.39 and a high of $71,946.46 during this period.
Ethereum has experienced an even more impressive surge, rising by 16% in the last 24 hours. The price of Ethereum has ranged from a low of $3,067.70 to a high of $3,719.25.
Ethereum ETF Hype Drives Market Growth
One of the primary factors contributing to the surge in the crypto market cap is the growing hype surrounding Ethereum ETFs. According to Bloomberg ETF analysts, the odds of a spot Ethereum ETF approval have increased from 25% to 75%, further fueling market excitement.
Analyst Oliver Isaacs took to X to express his bullish sentiment, stating that the current daily Ethereum candle is the largest in five years. He also noted that Ethereum’s gain today is almost equivalent to the entire market cap of Solana ($SOL).
Isaacs believes that if the SEC approves the Ethereum ETF, it will effectively be approving the entire industry, setting a target of $10,000 for Ethereum.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +SEC Stance and Political Pressures
Analyst Jacob shared insights on the SEC’s recent move, asking exchanges to update their 19B-4 filings on an accelerated basis for Spot ETH ETFs. This move has sparked speculation that the SEC may be adopting a more favorable stance towards ETF applications ahead of the upcoming approval deadline on Thursday.
Jacob attributes this potential shift in the SEC’s position to political pressures, particularly given that it is an election year. With growing market demand for alternative assets like cryptocurrencies, as evidenced by the Bitcoin ETF, this development could serve as a positive catalyst for the crypto markets.
Implications and Future Outlook
The potential approval of the Ethereum ETF could have great implications for the cryptocurrency market. Analyst Jacob drew parallels to the approval of the Bitcoin ETF in January 2024, which led to a steady increase in prices.
As the market eagerly awaits the SEC’s decision on the Ethereum ETF, the current surge in prices and market capitalization suggests that investors are optimistic about the future of cryptocurrencies.
Read more: Will Chainlink’s Price Hit $20? Here’s Why These Analysts are Bullish on LINK
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
