If the US SEC wants to approve ETF applications, it must consider crypto a digital asset rather than a security. Ether ETF is on the table, waiting for a green signal. However, the market has begun speculating about upcoming ETFs and their prospects of receiving Commission approval.
For starters, the community has long waited for Ether ETF applications. The agency approved Bitcospeculatingcations in early January this year, that is, 2024, triggering a series of discussions that it was only a matter of time before Ether’s ETF saw the light at the end of the tunnel. There is a slight blockage, and crypto enthusiasts will now have to wait for some time. Nevertheless, the hype has done wonders for the token itself.
ETH was last seen exchanging hands at more than $3,900 with an upswing of 3.505 in the last 24 hours. Ether will likely surpass the psychological milestone of $4,000 in the next couple of days, provided factors stay aligned, and the hype does not fade away. If it does achieve the milestone, it will likely be very likely for ETH to dance around $5,000 by the end of 2024.
BlackRock, BanEck, and Ark Invest are potential candidates for filing ETF applications for other crypto assets. Three factors will be considered: market cap, liquidity, and the perception of being a digital asset. Given its status as a digital commodity, Dogecoin is more likely to Three could approve its applications before Ether ETF makes its way into the market.
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Such speculation has positively impacted DOGE, marking an uptick of 9.82% in token valuation in the last 7 days. The current listing for DOGE is $0.1653, a decrease of 3.92% over the past 24 hours. Positively impacted, particularly since the US Court ruled that it is not a financial security in the legal battle with the Commission.
BNB and Avalanche could struggle because they are easier to link as securities; both have staking features, making it easier for the SEC to categorize them as securities. BNB gets into trouble again because of its association with Binance.
In the past, Binance has had disagreements with relevant authorities.
Analysts predict that if the SEC approves Solana ETFs, it will also approve Cardano ETFs due to their similar nature.
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Interestingly, clear tokenomics is important for the respective ecosystems to get their ETF applications approved. The SEC will focus on upcoming ETFs, with a particular emphasis on Solana. Approval for the SOL ETF could pave the way for ETF applications for BNB, Ripple (XRP), Avalanche, and Cardano.
