- Ether is up 27% so far this year, outperforming bitcoin, which has gained 20%.
- The second-largest cryptocurrency's gains are being driven by hopes that it could be the next to gain ETF approval.
- Ether is currently trading at $2,899.97, after briefly breaking above the $3,000 level on Tuesday.
The crypto ETF hype has found a new home: ether.
Ether is up 27% so far this year, outpacing bitcoin's 20% gains. The second-largest cryptocurrency's gains are being driven in part by hopes that ether could be next in line after the approval of the bitcoin spot ETF. It marks a change from 2023, when bitcoin led the pack.
Ether is currently trading at $2,282.32, after briefly breaking above the $3,000 level on Tuesday. Meanwhile, bitcoin is trading at $50,921.01. Its market capitalization recently exceeded one billion dollars for the first time in more than two years, as the approval of the ETF boosted demand and as halving event โ which will reduce supply โ is approaching in April of this year.
The bitcoin spot ETF, which tracks the real-time price of the token, unlike previous ETFs that bet future prices, was approved in January this year. from the SEC approval, Capital inflows to the 10 funds have reached $5.2 billion.
And the excitement has spilled into the ether. Even in the derivatives space, open interest in the CME Group ether futures market is close to a record high.
The total The cryptocurrency market is now worth $2 trillion. for the first time since April 2022.
Companies such as VanEck and Ark 21Shares have already submitted ETF applications and, according to Standard Chartered, an approval could come as soon as May, Bloomberg previously reported. reported. Bernstein analysts have He also placed a 50% probability that the ETF could be approved.
