The price of ether is surging toward $4,000 just a few days after eight Ethereum exchange-traded funds (ETFs) received approval and before their planned launches.
The data of CoinMarkeCap indicates that ether has increased to its current value of $3,932, up about 3.4% over the last day and up 35% over the previous Fortnite. The last time it exceeded $4,000 was in March, and at the time of writing, its price has reached $3,945.
Crypto market-making business QCP Capital claims that the price movement may have been triggered by former President and top Republican candidate for president in 2024, Donald Trump, who made pro-crypto remarks over the weekend.
US presidential candidate Trump expressed support for cryptocurrency companies, emphasizing the U.S.’s need to lead in the field. He criticized Biden for a stance he perceived as harmful to the industry, promising to foster its growth during his administration.
QCP Capital stated in its recurring market report that it appears from today’s price action that investors are more optimistic about ETH than BTC, given the possibility of institutional demand once the ETH spot ETF begins trading.
The company added, “While we are structurally positive ETH, we don’t see a major breakout until we have more clarity on the S-1 approvals and get some inflow data, which should only be a matter of time.”
The time between the Ethereum ETF approvals and possible trading launch, which could take weeks or months, has also been acknowledged by cryptocurrency traders as surprisingly favorable for the coin.
Regarding the anticipated inflows, traders estimate that they might be between 15 and 30 percent of what the Bitcoin ETFs experienced. Although issuers were unprepared and the approvals came as a shock, the delay also gives potential inflows time to organize themselves.
Also Read: Ethereum Moving Closer to $4,000, New All-Time High Soon?
