Ether, Solana Rally on ETF Optimism, Outpacing Bitcoin
- Bitcoin’s price stays flat at $61,000 amid fears of a sell-off from the defunct Mt. Gox exchange.
- Ether rises 2.1% to $3,444.20, fueled by impending SEC approval of a U.S. spot Ether ETF.
- Solana experienced a 7% surge following a VanEck ETF filing, indicating a shift in investor focus towards altcoins.
Ether and Solana are surging in the cryptocurrency market, propelled by anticipation of U.S. regulatory approval for their respective exchange-traded funds, even as Bitcoin’s price remains relatively flat at $61,000.
As expected, Ether surged 2.1% to reach $3,444.20, propelled by a Reuters report suggesting imminent SEC approval for a spot Ether ETF as early as next week. Anticipation of regulatory approval has not only boosted Ether but also spurred a 7% jump in Solana following VanEck’s filing for a Solana ETF.
The broader market sentiment remains cautious, however, due to impending U.S. inflation updates that could influence interest rate decisions, potentially impacting the strength of fiat currencies against digital tokens.
Sentiment around altcoins is mixed, with varied performance across the spectrum. ADA and XRP experienced flat gains, while DOGE and Shiba Inu saw minor declines.
Adding to Ether’s buoyancy are the predictions from Galaxy Research, suggesting that once approved, Ether ETFs could see monthly net inflows of around $1 billion. This potential influx is expected to represent 20-50% of the inflows that Bitcoin ETFs attracted in their initial five months, with a target of 30% highlighted by Galaxy analysts.
This projected influx is particularly noteworthy given the limited availability of Ether on centralized exchanges, with a substantial portion locked in staking, smart contracts, and bridges.
As the crypto market eagerly anticipates regulatory decisions, the potential approval of Ether and Solana ETFs could reshape the digital asset landscape, challenging Bitcoin’s dominance and setting new precedents for the future of cryptocurrency investments.
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