As the price of Ethereum (ETH) climbs, it has broken through the key level of $2,600, setting an all-time high in nearly 20 months. The cryptocurrency’s strong performance also led to gains for Layer 2 solutions and the ARB token. The adoption and development trend of Layer 2 solutions continues to be strong, bringing more possibilities for the expansion and performance improvement of the Ethereum network. The ARB token increased by more than 20% in a single day, showing investors' strong interest and confidence in the project.
However, it is interesting to note that although Bitcoin did not see a significant increase (or even a decrease) after the approval, it reached one degree a little later The high was $47,695. However, then selling pressure reappeared, and as of press time, the quotation fell to $46,539, an increase of only 1.3% in 24 hours.
In comparison, the price of Ethereum has increased significantly. Ethereum spot has been surging this morning, reaching as high as $2,643, marking a new high since May 2022. As of now, the price is $2,580, with a 24-hour increase of 9.6%.
With Ethereum taking the lead in sprinting, the performance of Layer2 concept coins is even more impressive:
OP is now quoted at 3.93 US dollars, up 9.1% in the past 24 hours %
IMX is now trading at $2.16, up 11.7% in the past 24 hours
ARB is now at $2.32, up 22.1% in the past 24 hours
MNT is now at $0.7745, up in the past 24 hours Up 16.7% in 24 hours
METIS is now trading at $95.14, up 12.5% in the past 24 hours
Crypto market analysts said that Bitcoin After the spot ETF passes the test, the next step should not be to reject the Ethereum spot ETF, which attracts investors to take the lead.
Michaëlvande Poppe, CEO and founder of MN Trading, also pointed out that Bitcoin and its ETFs are currently gaining momentum, but Ethereum spot ETFs may also come, allocating a large amount of their funds in the Ethereum ecosystem. Very reasonable.
According to previous reports, seven institutions including BlackRock submitted applications for Ethereum spot ETFs to the SEC last year. Currently, the SEC’s final approval deadline for VanEck, ARK21Shares and Hashdex Ethereum spot ETFs is May 2024, with other applications coming in the following months.
Bloomberg ETF analyst James Seyffart said last week that when the SEC approved the Ethereum futures ETF last year, it "implicitly" accepted Ethereum as a commodity and did not question Ethereum's classification. This means that an Ethereum spot ETF is expected to be listed this year.
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