While the current focus in the crypto market is on spot Bitcoin exchange-traded funds (ETFs), Ethereum, the world’s second-largest digital asset, could soon take the spotlight if Bitcoin funds are approved. The total capitalization of the crypto markets has surged to a 21-month high of $1.8 trillion, driven by the hype around spot Bitcoin ETFs. Bitcoin is leading the surge, with some altcoins gaining double digits, but Ethereum is not among them.
Crypto investor “DCInvestor” has claimed that Ethereum is “insanely undervalued” and predicts it will surge in the current cycle. He believes that once Bitcoin ETFs are approved and billions of dollars flow into them, Ethereum will be the next logical asset for a spot ETP. He also noted that Ethereum already has futures-based ETFs, so a spot fund will be approved next in the United States. He likened Ethereum to the ‘silver to Bitcoin’s gold’, which moves harder and faster in a crypto bull market.
Crypto YouTuber ‘Crypto Rover’ agreed with this sentiment, stating that an Ethereum spot ETF will be the next big narrative. He believes that once the Bitcoin Spot ETF is accepted, the hype will transfer to Ethereum. He also noted that Ethereum is currently being overlooked due to the current Solana pump. Solana prices have surged 360% over the past 90 days, while Ethereum has only managed a 48% increase in the same period.
Crypto trader ‘RamenPanda’ echoed these sentiments, stating that funds will soon be flowing into the Ethereum ecosystem. He believes that an Ethereum ETF will come after Bitcoin ETFs are approved. Last week, Bloomberg ETF analyst James Seyffart stated that the SEC has approved Ethereum futures, and the CFTC has labeled ETH a commodity. He also predicted that we could see potential Ethereum ETFs approved this year.
As for Ethereum’s price outlook, it has gained 3.6% on the day to trade just above $2,300. However, the asset has been range-bound, bouncing between $2,150 and $2,400 since the beginning of December. Meanwhile, alternative layer-1 tokens such as SOL and AVAX have pumped 13% and 11% on the day, respectively. Other altcoins outperforming Ethereum today include Cardano (ADA), Polkadot (DOT), Polygon (MATIC), and Internet Computer (ICP).
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Martin, Crypto Rover, James Seyffart, RamenPanda, DCInvestor |
| Companies | Trust Project, BeInCrypto, Commodity Futures Trading Commission, Bloomberg, Securities and Exchange Commission |
| Currencies | Ethereum, Solana, Polkadot, Cardano, Bitcoin |
| Securities | None |
