Bitcoin, Ethereum Hover Near Yearly Highs as ETF Hopes Stay Alive

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Bit­coin was fast clos­ing in on $38,000 per coin—a price it has­n’t touched since April last year—on Monday.

At the time of writ­ing, the biggest dig­i­tal cur­ren­cy by mar­ket cap was priced at $37,710, accord­ing to CoinGecko.

It is cur­rent­ly up 2% in 24 hours and its price has climbed near­ly 25% in 30 days.

Ethereum, the sec­ond-biggest dig­i­tal asset, is up near­ly 3% in the past day and is trad­ing hands for $2,037 per coin. The asset broke above $2,000 for the first time since July last week.

There were only two times this year when ETH has been high­er. The most recent was last week, when Wall Street titan Black­Rock filed to list an Ethereum ETF on Nas­daq. In April, a few days after the net­work imple­ment­ed its Shanghai/Shapella upgrade and—among oth­er things—enabled the with­draw­al of staked ETH.

The same keeps hap­pen­ing with Bit­coin: Any pos­i­tive news sur­round­ing the long-list of Bit­coin ETF appli­ca­tions the Secu­ri­ties and Exchange Com­mis­sion has sit­ting on its desk leads to the price of the coin to go up.

An eight-day win­dow to approve a Bit­coin ETF opened last week for the SEC but the reg­u­la­tor delayed giv­ing a stamp of approval—or denial—to applications.

The rest of the cryp­to mar­ket was mixed on Mon­day. Major alt­coins like Solana, Doge­coin, and Avalanche cooled their ral­lies and dipped in price.

But oth­er small­er, albeit well-known coins and tokens, such as Pan­cakeSwap and ApeCoin made impres­sive gains.

Pan­cakeSwap (CAKE), the native token behind the decen­tral­ized exchange, was trad­ing for $2.67 by the time this arti­cle was published—an 8% jump over the day.

While ApeCoin (APE) was also up near­ly 8% in 24 hours, trad­ing hands for $1.48. It’s wel­come news for APE hold­ers, who in the past cou­ple months have seen the token hit new laws. At one point in Sep­tem­ber, it was trad­ing for $1.16 per token.

This time last month, an Apecoin com­mu­ni­ty accel­er­a­tor launched from Ani­mo­ca Brands’ Forj, an NFT cre­ators platform.

Edit­ed by Sta­cy Elliott.

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