With the most awaited decision coming in today, Ethereum Price observed an impressive 34% surge and crossed $2600 after a long time of being in the same position. SEC ETF approval decision gave a great boost to the ETH price. Analysts predict a massive alt season when the ETF trading goes live.
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ETF approval triggers 34% surge in Ethereum Price
Ethereum Classic (ETC), a prominent cryptocurrency, has witnessed an impressive 34% surge in the last 24 hours, positioning itself as the top performer among the top 100 cryptocurrencies by market capitalization.
In contrast, Bitcoin (BTC) experienced a modest 1% increase, while Ethereum (ETH) recorded a substantial gain of over 9% during the same timeframe.
This surge in Ethereum Classic’s price is accompanied by a significant spike in trading volume, rising by an impressive 234% within a single day, reaching a total trading volume of $1.54 billion. The heightened trading activity indicates increased interest from traders and investors in Ethereum Classic.
The catalyst for this notable upswing appears to be the recent approval of Bitcoin Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC). This historic decision has the potential to broaden the investment horizon for Bitcoin, making it more accessible to a wider range of investors.
Analysts review on the Ethereum Surge
Analytical firm Santiment has provided insights into Ethereum Classic’s recent performance, attributing its substantial boost to the SEC’s announcement of Bitcoin ETF approval.
The cryptocurrency has surged to levels above $2600 for the first time since October 2022. Santiment also notes that the increased trading volume suggests a growing interest in Ethereum Classic among traders.
Despite the surge in price and trading volume, Santiment reports that the sentiment around the Ethereum Classic remains neutral for now. This indicates that, despite increased market activity, there is no clear bullish or bearish sentiment prevailing.
Ethereum Outshines
Comparatively, Bitcoin and Ethereum exhibited more modest gains during the same period. Bitcoin, the largest cryptocurrency by market capitalization, saw a 1% increase, while Ethereum, the second-largest, experienced a notable 9% surge. However, Ethereum Classic’s 34% gain outshines both in terms of percentage growth.
Cryptocurrency Market and its Volatility
The cryptocurrency market is renowned for its volatility, where prices often undergo rapid fluctuations. Ethereum Classic’s recent surge highlights the dynamic nature of the market, where news events and regulatory decisions can profoundly impact prices and investor sentiment.
Investors and analysts will closely monitor the market to observe how Ethereum Classic’s performance evolves in the coming days and whether it can maintain its position as the top performer among leading cryptocurrencies.
Conclusion
To conclude, ETF approval by the SEC triggered a massive 34% surge in the Ethereum’s price. This has brought a lot of attention to Ethereum by the whales. The market is optimistic related to the Ethereum price and predicting another upward trend. But the market’s volatility should also be kept in mind while trading. The analysts have already predicted a massive bull run and an alt season when the ETF trading goes live.
Note: It’s a research based article not a financial advice.
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