Bittime - Ethereum (ETH) , the largest altcoin on the market, saw a significant price jump from $3,810 to $3,940 during Asian trading time on Monday. The rise was driven by pro-crypto comments from Donald Trump and the SEC's decision to allow crypto-linked exchange-traded funds (ETFs).
Ethereum Price Surge
The surge in Ethereum prices occurred after the US Securities and Exchange Commission (SEC) allowed crypto-linked ETFs. This move helped Ether rise 26% over the past week. Nonetheless, the latest price increase shows that market players are more bullish on Ethereum than Bitcoin. The potential for institutional demand once ETH spot ETFs start trading on the market is also a key driving factor.
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Anticipation of Ether ETFs
Although experts are structurally optimistic, they caution that a major breakout will not occur until there is more clarity on the S-1 approval and other incoming data. It is estimated that it is only a matter of time before an Ether ETF is available for trading. Until then, Ethereum trading volume may remain above Bitcoin and the market tilt will likely remain in favor of Calls.
The enthusiasm for the Ether ETF reflects the excitement seen with the launch of a US spot-Bitcoin ETF last January, which has amassed $59 billion in assets. However, Ether's lower profile compared to Bitcoin makes investor demand more difficult to predict.
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Ethereum Performance in the Last 24 Hours
Ethereum rose 2.5% in the last 24 hours and has surged more than 71% year to date (YTD). ETH is trading at an average price of $3,904 at the time of this writing, barely breaking through $4,000. Its 24-hour trading volume rose 64% to $17.8 billion, indicating increased interest from market participants.
Options Market Outlook
The options market reflects a bullish outlook, with significant bets placed on Ether reaching $5,000 or higher. Ether's record high is $4,866, reached in November 2021. This optimistic bet also comes with expectations of increased volatility.
Also read: What is Ethereum (ETH) 2.0? Listen to the explanation!
Ether's T3 Volatility Index, which measures 30-day price change expectations based on option prices, shows that speculators anticipate larger moves in Ether compared to Bitcoin.
Open interest in CME Ether futures contracts indicating future purchase or sale commitments provides insight into institutional demand for regulated crypto exposure. Although interest in CME Ether futures continues to increase, it is still much lower compared to CME Bitcoin futures. This suggests a lack of institutional engagement with Ether and the possibility of an upcoming Ether ETF.
Ethereum has performed strongly in recent days, driven by regulatory developments and comments from influential figures such as Donald Trump. With the approval of ETFs by the SEC, Ethereum's future looks bright despite the regulatory challenges it has to face. The options and futures markets also showed optimism about further price increases, with many speculators targeting higher price levels.
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In the short term, attention remains on further ETF approvals and incoming market data, which could provide additional impetus to Ethereum prices. With increasing institutional support, Ethereum is poised to reach new milestones in the near future.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Why Does Ethereum (ETH) Price Continue to Increase?
Ethereum (ETH) Review: A Complete Guide 2024
Buy Ethereum (ETH): Everything You Need to Know Before Buying
Fuss over the Status of Ethereum (ETH), Securities or Commodities?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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