The community’s next favorite cryptocurrency exchange-traded fund (ETF) is Spot Ether ETF. The approval date was set for either May or mid-year 2024. The first deadline may not come to pass as cryptocurrency traders have reduced the likelihood of acceptance to 24%. Although a specific explanation has not been given, it has been advised to go in the direction of the Bitcoin holding.
The deadline for May remains the top deadline on the list. Contrary to popular belief, traders have been supporting their assertions that little should be expected from this, particularly given the SEC’s flexibility to act in any manner.
One good argument to move into the BTC space is that BTC will rise in value if Spot Ether ETF starts to see some hope. Trader demand for more Bitcoin from the ETF would increase if the US regulator rejects or advances the Ether ETF. To put it plainly, Bitcoin is going to have a greater advantage in the market than Ether ETF, regardless of what happens with the latter. Therefore, it is better to go with a token that has solid proof rather than one whose ETF might not be accepted.
The only people who have offered odds are cryptocurrency dealers; no official declaration from any relevant authority or agency has been made.
Ever since the community started speculating about the ETHF’s acceptance, ETH prices have increased dramatically. The value of ether was $3.936.29 as this article was being written. Although that indicates a decrease of 0.24% over the past 24 hours, it reflects an increase of 13.63% over the previous 7 days and 55.755 over the previous 30 days.
Additionally, mockingly, cryptocurrency dealers have praised the Ether community for driving up the price. They contend that the price increase is solely attributable to ETH investors’ optimism—or certainty—about the ETF’s approval by May 2024. Regarding the technical aspects of the Ether ecosystem, traders have remained silent.
Given that the token has increased by 1.38% and reached the $70,000 mark, Bitcoin is a safer choice. The token’s 24-hour volume has increased by 55.63% as it trades at $70,380.70. According to the BTC forecast, there’s a risk that BTC will retrace to a level of less than $69,000 in the next few days. Memecoins hold off on joining a trend. SHIB and XRP are already ahead in the race, but XRP has started to post poor results. When it comes to market capitalization, Shiba Inu waits to surpass its rival. DOGE and ADA are two more tokens that have the potential to mimic the chart.
However, some community members now assert that the increase in ETH is not only attributable to the community’s speculation over the adoption of an ETF. Such declarations, in their opinion, are intended to pave the way for additional cryptocurrency ETFs.
