Ethereum Leads Crypto Market Surge After SEC Approves ETFs

Fueled by the approval of Ethereum ETFs, cryptocurrency prices surged this week, with Ethereum leading the pack with big gains.

Boy sitting on a ETH coin in space, watching the green price chart go up.
Created by Kornelija Poderskytė from DailyCoin
  • Crypto prices have surged this week, coinciding with a key regulatory move in the US.
  • The positive trend has extended to some newer cryptocurrencies, but a few others have missed out.
  • The reasons behind the losers are unclear, but overall sentiment seems bullish.

This week saw a surge in cryptocurrency prices, coinciding with the long-awaited approval of Ethereum ETFs in the United States. The move seems to have boosted investor confidence across the market, with seven out of the top ten cryptocurrencies experiencing significant gains.

Ethereum ETFs Spark Crypto Rally

Ethereum, unsurprisingly, was the week’s star performer, climbing a staggering 23% in the past seven days. This growth follows the regulatory green light for Ethereum ETFs, which are seen as a major step towards mainstream adoption of the world’s second-largest cryptocurrency. 

Sponsored

Dogecoin followed closely with a 12% gain, solidifying its position as a major player in the market. Several other established players also saw healthy growth. XRP, BNB, and even Bitcoin, which have been experiencing some stagnation recently, all registered gains exceeding 3%. 

BNB gained 3.7%, XRP rose 3.6%, and Bitcoin climbed 3.1%, suggesting a renewed bullish sentiment even for the more mature coins. The positive trend extended to some younger players as well. Avalanche and Shiba Inu, both with passionate communities, recorded increases of 1.9% and 1.5% respectively.

However, not all cryptocurrencies enjoyed the upswing. Three tokens, Solana, Cardano, and Toncoin fell out of favor with investors, experiencing losses between 1.6% and 2.8% over the week.

Winners

All but 3 of the top 10 cryptocurrencies experienced price increases over the past week. Here’s a look at them:

DailyCoin's Snapshot of the Crypto Markets' Weekly Winners: Source DailyCoin
DailyCoin’s Snapshot of the Crypto Markets’ Weekly Winners: Source DailyCoin

Losers

Only 3 of the top 10 cryptocurrencies experienced price losses over the past week. Here’s a look at them, ranked by their percentage decrease:

DailyCoin's Snapshot of the Crypto Markets' Weekly Losers: Source DailyCoin
DailyCoin’s Snapshot of the Crypto Markets’ Weekly Losers: Source DailyCoin

This is just a snapshot of the current market conditions at the time of writing. Cryptocurrency prices are constantly fluctuating, so it’s important to do your own research before making any investment decisions.

On the Flipside

  • While the ETF approval is positive news, it might lead to short-term price volatility as investors adjust their positions.
  • ETFs primarily cater to institutional investors, and it might take time for retail investors to see a significant impact.
  • The long-term effects of Ethereum ETFs on the market are yet to be established.

Why This Matters

Despite some minor setbacks, the overall sentiment in the cryptocurrency market remains positive. The approval of Ethereum ETFs marks a significant milestone for the industry and could usher in a new era of growth and mainstream adoption. While the long-term impact remains to be seen, this week’s rally suggests a bright future for the crypto space.

If you like this article about Uniswap’s governance process, you’ll probably be interested in this one diving into a recent challenge faced by the Ethereum Foundation:
Uniswap V3 Fee Vote Explained: Everything You Need to Know

This explainer on Uniswap’s fee vote touches on the importance of a secure and well-functioning DeFi ecosystem:
Ethereum Foundation in Damage Control Mode After Major Leaks

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.