Ethereum
Ethereum Skyrockets 22% Amid Speculation Over Ether ETF Approval
The second largest in the world cryptocurrency, Ethereum, surged 22% to $3,772 in the last 24 hours on Tuesday at 7:30 p.m. IST. This upward movement propelled EthereumIt is market capitalization at $453.2 billion.
THE overvoltage in cryptocurrency comes amid speculation about the outcome of requests for spot exchange-traded funds in the United States (AND F) which tracks the second largest cryptocurrency in the world.
This week, the US market watchdog is expected to issue its decision on several applications for ether spot ETFs. Analysts and investors believe Tuesday’s rise could be attributed to rumors suggesting the Securities and Futures Commission could approve these products, contrary to previous expectations of rejection.
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“Ethereum jumped around 20% overnight recording its biggest candle in 5 years after positive developments in its market. Spot ETF decision. American SEC has asked Ethereum spot ETF applicants to update their 19b-4 filings – indicating that they will likely be approved this week,” said Vikram Subburaj, CEO of Giottus“If the ETH ETF is approved, we expect Ethereum to climb up to $4,000 in the coming days,” Subburaj said. Over the past seven days, Ethereum has seen a significant increase in value, increasing by 32%. Ethereum volume traded in the twenty-four hours prior to writing this article jumped to $46.98 billion, an increase of 329.6%. Bitcoin surged 5.8% to $70,734 in the past 24 hours, contributing to a nearly 9% increase in the global cryptocurrency market capitalization, which now stands at around $2.63 trillion. In the last 24 hours, the market capitalization of Bitcoin, the largest market capitalization in the world. cryptocurrency, increased to $1.393 trillion. Bitcoin dominance is currently at 53.25%, according to CoinMarketCap. BTC volume over the past 24 hours increased by 158% to $58.4 billion.
Other greats crypto tokens such as BNB (8), XRP (6.4%), Dogecoin (12.9%), Shiba Inu (8.9%), Avalanche (8.9%), and Cardano (8.3%) also jumped .
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