There is a fresh buzz around the approval of the Ether ETF. This has triggered massive gains for three specific tokens: Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The ongoing month is bullish, with the potential for every token to bank a new ATH in the next couple of days. In fact, Bitcoin is on the trajectory to surpass $74,000 already, and ETH is rallying at around $3,600.
Major milestones are at $75,000 and $4,000, respectively. Uncertainty prevails over the timeline, and an actual achievement could be delayed, considering there is speculation about the first rate cut to happen later this year. It is major how the vibes are around Spot Ether ETF.
The last updates signaled a cold engagement between applicants and the US Securities & Exchange Commission. Approval of 19b-4 is on the horizon. The same does not apply to S-1. The agency is expected to take time to approve S-1. Both are crucial if exchange platforms want to list the ETF product and enable traders to invest in it.
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The Commission is believed to be taking a cautious approach in the interest of traders and investors. In other words, the SEC is concerned about traders and investors losing money, which is why it is taking a cautious approach.
Nevertheless, the trajectory for BTC, ETH, and DOGE is rising constantly. This is evident from the fact that BTC is up by 5.94% in the last 24 hours, ETH has surged by 18.11%, and DOGE has climbed massively by 8.10% during the same time window. ETH has gained the most, further reflecting that the value has soared by 25.50% in the last 7 days and 14.96% in the last 30 days.
It could be due to renewed interest in flagship cryptocurrencies and dominant meme coins. Open Interest in Ethereum is around 28%, with a record high of approximately $14.95 billion. Eric Balchunas and James Seyffart, two notable analysts from Bloomberg, have raised their odds from 25% to 75% for the approval of the Spot Ether ETF. This is another contributing factor to the shot-up values.
The prevailing situation should not be confused with the fact that other altcoins, including meme coins, are trailing far behind. The pace could be slow, but their token values show a notable uptick. For instance, SHIB is up by 5.73% in the last 24 hours, listed at $0.00002543. BNB is also up by 8.64% in the last 24 hours, exchanging hands at $626.66 at the time of articulating this piece.
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What’s happening right now has been defined as the best days for the crypto market. It is largely credited to the possibility of Spot Ether ETF getting approved by the SEC as soon as possible.
