Ether Price Outperforming Bitcoin As ETF Hype Fuels the Cryptocurrency

Please fol­low and like us:
Pin Share

  • Ether has surged 27% so far this year, out­per­form­ing bit­coin, which has gained 20%.
  • The sec­ond-largest cryp­tocur­ren­cy’s gains are being fueled by hopes that it could be next to get ETF approval.
  • Ether is cur­rent­ly trad­ing at $2,899.97, after briefly breach­ing the $3,000 lev­el on Tuesday.

The cryp­to ETF hype has found a new home: ether.

Ether has surged 27% so far this year, sur­pass­ing bit­coin’s gains of 20%. The sec­ond-biggest cryp­tocur­ren­cy’s gains are being par­tial­ly fueled by hopes that ether could be next in line after the approval of the spot bit­coin ETF. It marks a rever­sal from 2023, when bit­coin led the pack.

Ether is cur­rent­ly trad­ing at $2,282.32, after briefly breach­ing the $3,000 lev­el on Tues­day. Mean­while, bit­coin is trad­ing at $50,921.01. Its mar­ket cap recent­ly sur­passed $1 tril­lion for the first time in over two years, as the approval of ETF boost­ed demand and as a halv­ing event — which will reduce sup­ply — approach­es in April this year.

The spot bit­coin ETF, which tracks the real-time price of the token unlike pre­vi­ous ETFs which wagered future prices, was approved in Jan­u­ary this year. Since the SEC approval, inflows into the 10 funds have notched $5.2 billion.

And the excite­ment has bled into ether. Even in the deriv­a­tives space, open inter­est in CME Group’s ether futures mar­ket­place is close to hit­ting a record high.

The total cryp­to mar­ket is now worth $2 tril­lion for the first time since April 2022.

Ether ETF appli­ca­tions have already been filed by the likes of VanEck and Ark 21Shares, and accord­ing to Stan­dard Char­tered, an approval could arrive in May, Bloomberg pre­vi­ous­ly report­ed. Bern­stein ana­lysts have also placed a 50% odds that the ETF could be approved.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *