The Ether ETF’s certification has sparked renewed interest. This resulted in significant gains for three specific tokens: Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The current month is bullish, with every token having the potential to reach a new all-time high in the coming days. In fact, Bitcoin is already on track to surpass $74,000, and ETH is trading at over $3,600.
Major milestones are $75,000 and $4,000, respectively. The timing is uncertain, and an actual achievement may be postponed, given predictions that the first rate cut may occur later this year. It is significant how the vibes are surrounding Spot Ether ETF.
The most recent reports indicated a frosty engagement between applicants and the US Securities and Exchange Commission. Approval of 19b-4 is imminent. The same is not true for S-1. The agency is expected to take some time to approve S-1. Both are required if exchange platforms intend to offer the ETF product and allow traders to invest in it.
The Commission is thought to be taking a cautious stance in the interests of traders and investors. In other words, the SEC is concerned about traders and investors losing money, therefore it is taking a cautious stance.
Nonetheless, the trend of BTC, ETH, and DOGE is always growing. This is demonstrated by the fact that BTC has increased by 5.94% in the last 24 hours, ETH has increased by 18.11%, and DOGE has increased dramatically by 8.10% during the same time period. ETH has gained the most, with the value increasing by 25.50% in the previous 7 days and 14.96% in the last 30 days.
It could be attributed to a growing interest in flagship cryptocurrencies and dominating meme coins. Ethereum’s open interest is over 28%, with a record high of $14.95 billion. Eric Balchunas and James Seyffart, two prominent Bloomberg experts, have increased their odds of the Spot Ether’s approval from 25% to 75%.
The current situation should not be confused with the reality that other cryptocurrencies, notably meme coins, lag far behind. Although the pace may be modest, their token prices have increased significantly. For example, SHIB is up 5.73% in the last 24 hours, trading at $0.00002543. BNB is likewise up 8.64% in the previous 24 hours, trading at $626.66 as of this writing.
The current situation has been regarded as the best days for the cryptocurrency market. It is mostly attributed to the prospect of the Spot Ether ETF being certified by the SEC as soon as feasible.
