The crypto market has seen a significant surge over the past 24 hours, with Ether (ETH) and the native application tokens of the Ethereum network gaining momentum.
This rally came amid growing speculation and bets from traders, who are anxious about the possible approval of an Ether exchange-traded fund (ETF), similar to the one anticipated for Bitcoin in the United States.
The key news that stoked these expectations was BlackRock’s filing of an S-1 form with the US Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, an ETF that would provide professional investors in the United States United a way to gain direct exposure to the asset without needing to own the cryptocurrency.
As for the numbers, the cripto reached a price above $2,400 in the early hours of Wednesday on the European continent, reflecting an increase of 5% in a period of 24 hours.
In contrast, Bitcoin experienced a slight drop of 2.2% in the same period, affected by a series of false tweets coming from a temporarily hacked SEC account, which generated some volatility in its trading.
This optimism was not just limited to the asset, as tokens associated with layer 2 networks, such as Mantle’s MNT and Optimism’s OP, also saw increases of up to 9%.
These networks operate on the same blockchain as independent entities, facilitating faster and cheaper transactions compared to the main blockchain.
Despite Euphoria Around ETH, Analysts Warn ETF Approval Not a Fact
However, many believe that due to Ether’s position as the second largest cryptocurrency, there is a high probability that it will be the next to get an ETF after Bitcoin.
The price of Ethereum registered a marked rise, reaching around $2,405 at the time of writing, representing an increase of 4.74% in the last 24 hours, according to official data provided by CoinMarketCap.
This climb helped consolidate the coin position as the second largest cryptocurrency by market capitalization, which currently stands at $289 billion.
This increase reflects the growing interest and activity around Ethereum, driven in part by speculation and excitement in the market.
In a broader context, the possible approval of thirteen issuers, including financial heavyweights such as BlackRock and Fidelity, for a Bitcoin ETF is expected, an event that is anticipated for later in the same day.
The crypto market is in a state of expectation and speculation regarding the possibility of new financial products related to Ether and Bitcoin.
As investors anxiously await regulatory decisions, the momentum generated reflects growing interest from traditional financial participants in the world of cryptocurrencies.