Ether, the world’s second-largest cryptocurrency, was on track for its largest two-day gain in nearly two years on Tuesday, sparking excitement among investors. The price of Ether, which powers the ethereum blockchain network, surged 8% to reach $3,775, its highest level in two months, following a 13.8% jump the previous day.
Meanwhile, bitcoin, the top cryptocurrency, was also making waves as it approached a record high, rising 2.2% to $71,000, just 4% below its peak in March. The speculation surrounding the approval of U.S. spot exchange-traded funds (ETFs) for both Ether and bitcoin added to the excitement in the market.
The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on several spot Ether ETF applications this week, leading to speculation that these products may be approved. This news comes after the SEC gave the green light to spot bitcoin ETFs earlier this year, resulting in significant inflows of capital into the market.
Analysts and investors are closely watching the developments, with many believing that an approval of Ether ETFs could further boost the cryptocurrency’s value. VanEck, ARK Investment Management, and other issuers have filed for spot Ether ETFs, with decisions on VanEck’s and ARK’s filings expected by May 23 and May 24, respectively.
Overall, the cryptocurrency market has been on an upward trend in 2024, with bitcoin gaining 67% and Ether not far behind with a 60% increase. The potential approval of Ether ETFs by the SEC could be a game-changer for the market, opening up new opportunities for investors and further legitimizing the cryptocurrency industry.