Top Altcoins to Keep a Close Eye on Amid the Hype on Spot Ethereum (ETH) ETF Approval
The post Top Altcoins to Keep a Close Eye on Amid the Hype on Spot Ethereum (ETH) ETF Approval appeared first on Coinpedia Fintech News
After the United States Securities and Exchange Commission (SEC) sent all signals of rejecting approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the past month, the agency reversed its position. Notably, the US SEC commissioners, led by Gary Gensler, will vote on whether to approve or reject VanEck’s spot Ether ETFs on Thursday.
On Monday, the US SEC requested aspiring cryptocurrency exchanges to update their 19b-4 filings, which the industry perceived as a positive sign.
According to Bloomberg ETF analysts led by James Seyffart, the odds of the US SEC approving spot Ether ETF have spiked to 75 percent from 25 percent. A similar sentiment was expressed by David Han, research analyst for Coinbase Institutional, who added that Ethereum demand is fast expanding to be ignored by regulators.
Crypto Market Spike
Following the news that the US SEC could inevitably approve spot Ether ETFs later this week, the total crypto market cap surged by over 8 percent to around $2.73 trillion on Tuesday. Bitcoin (BTC) and Ethereum led the general crypto recovery.
According to the latest market data, Bitcoin price had pumped over 7 percent in the past 24 hours to trade above $70k again after seven weeks. On the other hand, Ether’s price gained over 20 percent, trading around $3,671 on Tuesday during the early Asian session.
Top Altcoins to Watch Ahead
The hype surrounding #Ethereum’s first spot #ETF has been a catalyst for one of #crypto’s top 5 days of 2024. $ETH, $UNI, $PEPE, $BONK, & $LDO are all over +20% in 24 hours. #Bitcoin’s jump to $71.4K for the 1sttime in 6 weeks is almost an afterthought. https://t.co/M1HK8sT5jw pic.twitter.com/fC9735hQ0e
— Santiment (@santimentfeed) May 21, 2024
As the hype on spot Ether ETFs continues to escalate, most of the altcoins have attracted notable attention from whale investors, thus suggesting an inevitable bullish breakout. According to market intelligence platform Santiment, Ethereum-based web3 projects such as Optimism (OP), Polygon (MATIC), Arbitrum (ARB), Lido DAO (LDO), Uniswap (UNI), and Pepe (PEPE) are more likely to pump further if the US SEC approves spot Ether ETFs.
Other top altcoins with notable bullish prospects include Chiliz (CHZ), Bonk (BONK), and Shiba Inu (SHIB), among others.