Days after reaching a one-month high of $3,943, the price of Ethereum (ETH) has started to recover.
The crypto world was set ablaze as the U.S. Securities and Exchange Commission (SEC) gave the green light to NASDAQ and NYSE’s applications for Ethereum exchange-traded funds.
While ETF issuers are still waiting for the final stamp of approval, the SEC’s May 23 ruling was a major win for both the applicants and the entire crypto community, catching many by surprise.
Excitement and anticipation filled the air as Monday approached, with many eagerly awaiting the decision of regulators on the highly-anticipated filings. Nine major players in the financial world, including VanEck, ARK Investments/21Shares, and BlackRock, were all vying to launch ETFs linked to Ethereum.
This came after the SEC’s groundbreaking approval of Bitcoin ETFs in January, which sent shockwaves through the industry. However, despite the initial surge in value following the ETF approval, the price of Ethereum, the second-largest cryptocurrency in the market, has since dropped by over 4%, currently trading at $3,760.
The thrill of the latest market fluctuations are shocking as the price of ETH rises by a modest 0.9% in just 24 hours, and an impressive 20.7% in just one week.
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And that’s not all – compared to a mere fortnight ago, ETH has soared by a staggering 28.5%, and over the span of 30 days, it has jumped by a remarkable 19%.
In the last 24 hours, Ethereum has been on a wild ride, swinging between $3,776 and $3,710. This rollercoaster of a price movement is a tell-tale sign of something big brewing. The answer is anyone’s guess.
Experts at QCP Capital are predicting a major shakeup in the market. With the SEC potentially giving the green light to Ethereum ETFs, we could see ETH skyrocketing to a mind-blowing $5,000 by the end of the year.