SEC Approves Ethereum ETFs
Voice of Crypto
Bridging the gaps in the crypto, web3 and blockchain space by being the 'Voice of Crypto'
Happy Friday ??
The SEC has finally approved the Ethereum ETFs. The markets had already factored in the approval, hence showing lukewarm reactions. With ETFs acting as a strong source of demand, the price of ETH is expected to achieve a new all-time high (ATH).
?On the broader side of the market, select cryptocurrencies have been rallying. Major cryptos have also witnessed light gains, while the behemoth Bitcoin seems to be preparing for its $100k rally.
Capturing the Crypto Market Pulse?
Slight corrections have gripped the markets after a strong week. The big cryptos, i.e., Bitcoin, Ethereum, and BNB, have been reeling under light profit-taking as they have made 10%-20% gains this week.?
Interestingly, Bitcoin has lost around 2% in market dominance, while Ethereum has gained 1.7% dominance on the back of new ETFs. On top of the overall bullish momentum, several project-specific factors are helping cryptocurrencies rally further.?
Dogecoin has witnessed improved metrics, Cardano has seen a rise in TVL, XRP hopes for a resolution in the SEC’s case, and Solana is gearing up to cross $200 based on the much-anticipated Firedancer upgrade.
Global Market Overview
After spending a good amount of time in the fear and neutral zone, the Crypto Fear and Greed Index has now turned bullish again. This week, the score reached 76 on the back of bullishness caused by Ethereum ETFs.?
However, a slight correction to 74 (today) was seen as the market started to book profits. Experts have now started to predict lofty targets for Bitcoin, Ethereum, Solana, Dogecoin, Shiba Inu, Cardano, and several other major altcoins. Such selective altcoin rallies have rescued the markets from a major correction. Crypto-specific rallies were seen in several projects.?
The crypto market cap has again reached the psychological level of $2.51 trillion over the last week. Supported by Bitcoin, Ethereum, and selective altcoin rallies, the market has once again turned bullish after slight corrections. An altcoin rally is expected soon and could take the market above $3 trillion.
Market Watch
Despite the recent weakness in price, Dogecoin is expected to rally 30% soon. Rising on-chain metrics in the first half of 2024 act as a major reason. Additionally, the charts of Dogecoin have been showing bullish signs similar to its 2021 rally, where the crypto experienced significant gains.?
领英推荐
Ripple is now battling its last fight against the SEC. Despite the $2 billion penalty, Ripple executives are confident of their win. Amid all this, analysts have predicted an upcoming rally in the price of XRP. However, the rally might only come after a dip in its price. XRP has been consolidating at $0.50 for a while and refuses to go below this level.?
A lot of factors have lined up to support Solana on its journey to $200. Strong on-chain performance has driven demand from all kinds of investors. An upcoming upgrade in Solana called The Firedancer is expected to further increase its transaction speed.?
Top Crypto News
The SEC has finally made a landmark decision by approving all the Spot Ethereum ETFs. Though the staking component has been removed from the ETFs, they present a brilliant investment opportunity. The ETF by BlackRock has already been listed at the DTCC and will start trading soon.
The memecoin mania has returned once again. This time, major memecoins have become the favorite choice for investors. Both Shiba Inu and Dogecoin have shown on-chain as well as technical signals indicating that they are about to take off. Last week, Shiba Inu’s burn rate had also increased by more than 500%.
Arkham Intelligence drew everyone’s attention to a crypto transfer where the user had sent 90% of their wallet holdings to Satoshi Nakamoto’s wallet. Some users have labeled the transaction as being done by Nakamoto himself. However, in any case, the funds are lost forever due to the irreversibility of blockchain transactions.
Top Video of the Week?
Political mastermind Mario dives into the wild world of crypto and web3!? This interview is packed with insights like the Media's Massive Role in Crypto: Mario exposes how the media shapes the crypto and web3 ecosystem. Learn how to navigate the hype! Zelensky vs Putin: The Crypto Show of the Century? Mario reveals his dream interview: bringing these world leaders together
That’s a wrap for today!