The ether ETF approval orders in the US became the main highlight for the entire crypto landscape, while token prices were on a steady upward path with positive sentiments.
Spot Ethereum ETFs will soon trade in exchanges in the US, as the ether ETF approval came through this week. US regulators approved a slew of spot Ethereum ETFs, most backed by reputed asset management firms. Once these ETFs start trading, one could witness a big jump in adoption in the overall landscape.
Even before the approvals, Bitcoin’s trajectory had started going upward at the beginning of the week. The entire week, it traded with a support above $65,000, even hitting $70,000 mid-week. Crypto bulls might focus next on the consolidation phase of Bitcoin, starting next week. Other indicators in the market are relatively on a much stronger footing.
Apart from Bitcoin, it was ETH which was a clear gainer this week. ETH, starting below $3,500, went as high as $3,800. It may only see a sharper rise once the Ethereum ETFs start trading in the US. Overall, the past week saw cautious optimism in the crypto market. While overall gains have been modest, specific sectors and tokens have shown promise.
One of these sectors was regulation, specific to the United States. US lawmakers passed two landmark crypto bills this week, noting the industry’s significance. The first bill, a blockchain regulation, aims to promote the country’s blockchain space. The second, an important regulatory bill, will issue a regulatory regime for the entire crypto sector of the US.
Finally, improvements also emerged in other core sectors, such as blockchain gaming. The blockchain gaming sector is once again on the rise, with prominent investors backing it. In April 2024, the sector almost attracted $1 billion in investments, and these numbers may only continue to rise throughout the year.
Meanwhile, asset managers have already started preparations for promotions of the Ethereum ETFs. VanEck, one of the firms, released an ad on social media regarding the new products. The ad has garnered significant popularity in social media and offline forums.
Discussions about Ethereum have also led to speculation about an ‘ETH season’ ahead in 2024. Ethereum’s dominance has already hovered above 19% in the last few days. If the ETFs start attracting record inflows, the market could see a steep upward curve in ETH’s price. Nevertheless, the combination of the BTC and ETH spot ETFs could become a new gateway for new crypto investors.
This week, the following tokens saw the highest returns:
We can notice that a slew of tokens saw double-digit gains, which is a big reversal from previous weeks.
But these tokens went through losses:
The next few weeks could span out interestingly for the crypto market once the ether ETFs debut in exchanges.
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