The recent performance of Ethereum indicates a distinct trend in the cryptocurrency market. Ethereum experienced a small rise of 0.30% to US$2,537 over the past 24 hours to lunchtime on January 15 2024, outperforming Bitcoin , which traded sideways at around US$42,625. This highlights Ethereum’s stronger performance despite the launch of several spot Bitcoin ETFs in the United States.
The approval of 10 spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) is a noteworthy development in the cryptocurrency sector. This decision is seen as a significant step towards mainstream financial acceptance of cryptocurrencies. The SEC should make a decision about spot Ethereum ETF applications by May 23, 2024. The anticipation surrounding these decisions reflects the market’s optimism about the potential for an Ethereum ETF, following in the footsteps of the Bitcoin ones.
Companies like BlackRock and Ark have reportedly filed applications for an Ethereum ETF, indicating a growing interest in this area. The increased price of Ether is possibly reflective of broader market sentiment that an Ethereum ETF could be on the horizon.