+21% for ETH, +8% for Bitcoin (BTC)… Cryptocurrencies exploded last night

The crypto market is sometimes characterized by its considerable volatility. The main cryptocurrencies exploded last night, with Ethereum’s ETH rising +21% in a few hours, dragging other assets in its wake. A look back at a fruitful evening fueled by rumors surrounding Ethereum ETFs.



Cryptocurrency market explodes in wake of Ethereum (ETH)

We explained it to you last night, The US Securities and Exchange Commission (SEC) appeared to be changing course. Reportedly considering endorsing spot ETFs based on Ethereum’s ETH. This is a very unexpected decision which has set the cryptocurrency market on fire. ETH unsurprisingly led the way, rising +21% from late afternoon to midnight:

The impressive jump in Ether (ETH) early last night

The second consequence is that cryptocurrencies linked directly or indirectly to Ethereum have also exploded. Over the last 24 hours Optimisms OP takes 13%, Immutables IMX takes 12% and MATIC 8%.

👉 Find our guide – How to buy Ethereum (ETH) in 2024? Simple and fast method

The breakthrough also caused other cryptocurrencies to perform: Bitcoin thus reached a very respectable +6% over the last 24 hoursand Binance’s BNB takes +9% in the same period.

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ETFs still driving the cryptocurrency market

This is the irony of the matter: even though the SEC criticizes cryptocurrencies for being too volatile, it is still the one that triggers a rise through speculation about its decisions. It must be said that the possible approval of Ethereum spot ETFs has weightbecause now we have the example of Bitcoin.

👉 Also in the news – “They don’t want a wave of innovation” – SEC is afraid of the potential of cryptocurrencies, according to the co-founder of Ethereum (ETH)

In March of last year, spot Bitcoin ETFs had actually driven the price of BTC to a new high of $73,737. A threshold now approaching, since BTC is flirting with $71,000 this morning. If the SEC were to approve the first ETH ETFs on May 23rd, we can estimate that another upward surge could take place.

Enough to see ETH reach its all-time high again? Unlike BTC, the latter is still far away: it is trading at $3,658 this morningcompared to $4,878 reached in November 2021.

Cryptoast Research: Don’t waste this bull run, surround yourself with experts

Source: Trade display

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