Bitcoin and Ethereum are having a significant surge today, especially Ethereum, following ETH ETF approval rumors. Bitcoin hit the $70,000 mark, leading to a wave of liquidations, while Ethereum surpassed $3,800 in its trading value. With the market rally, Solana and Avalanche also surged significantly.
In the last 24 hours, Solana has experienced an impressive surge of over 8%, securing its position as the fifth-largest cryptocurrency by market capitalization and currently trading at $181 as reported by CoinGecko. Solana pumped around 23% in a week.
Despite not yet surpassing its 2021 all-time high of $259, there’s still considerable growth potential, with a 29% increase needed. Similarly, Avalanche is also making notable strides among the top 20 coins and tokens, witnessing a nearly 12% surge to reach $40.53. Avalanche surged almost 24% in just 7 days.
Operating on a network for decentralized app development, Avalanche made headlines last year when J.P. Morgan announced its blockchain’s use for tokenizing investment portfolios.
Other cryptocurrencies are experiencing notable price surges as well, with Uniswap (UNI), Pepe, and Lido DAO (LDO) seeing gains of over 18%, 20%, and 21%, respectively, within 24 hours.
Ethereum, the second-largest cryptocurrency, has risen by 17% in the past day, reaching $3,800. This increase is attributed to the news regarding potential approval by the Securities and Exchange Commission (SEC) for a spot ETH ETF, providing traditional stock exchange-traded shares, and offering exposure to Ethereum to investors.
While the SEC approved 11-spot Bitcoin ETFs in January, the approval of an ETH equivalent has been uncertain. However, recent rumors have stirred hope, especially with major Wall Street players like BlackRock, Grayscale, and VanEck filing for spot ETH ETFs, despite previous dim prospects for approval.
