Spot Bitcoin ETFs Approval Ignites Ethereum and Altcoin Rally

• The price of Ethereum (ETH) skyrocketed beyond $2,600 levels post the approval.
• The SEC will begin making judgments on spot applications for an Ethereum ETF in May.

A historic decision has been made by the United States SEC, which has approved the first spot Bitcoin exchange-traded funds (ETFs) in the nation.

The decision is the culmination of months of waiting and a contentious legal struggle. This roundups an eventful 24 hours in which hackers momentarily took over the SEC’s Twitter account, causing price fluctuations in bitcoin due to their bogus claims that the applications had already been granted.

All Eyes Now on Spot Ethereum ETF

Following the U.S SEC’s approval of Bitcoin ETFs, allowing direct investment in the cryptocurrency, Bitcoin momentarily surpassed $47,000 in a sluggish advance. After the ETF approval, cryptocurrencies like Ethereum (ETH) saw maximum increases, but Bitcoin’s gains remained restricted.

The price of Ethereum (ETH) skyrocketed beyond $2,600 levels shortly following the announcement of Bitcoin ETF authorization. Several industry watchers have already forecasted that, in the first quarter of 2024, Ethereum will likely trump Bitcoin.

The good energy that ETH’s meteoric rise brought to the Ethereum ecosystem quickly spread to the other cryptocurrencies related to it. There was a remarkable 11% spike for Uniswap, a 9.54% gain for Chain Link, and a 10.12% boost for Polygon in the last 24 hours as per data from CoinMarketCap. Moreover, altcoins like Cardano gained 14.24% in the last 24 hours.

Traders’ attention has shifted from Bitcoin to Ethereum in anticipation of the next development about an Ethereum ETF, thanks to the approval of a Bitcoin ETF.

Looking forward, in May, the SEC will begin making judgments on spot applications for an Ethereum ETF. Companies including Grayscale, BlackRock, Invesco, Ark, and VanEck are all eyeing an ETH ETF. Ethereum (ETH) has surged by more than 10% in the last 24 hours, and is currently trading around the $2600 mark.

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