ETH Spot ETF To Be a Reality? Ether Gains Paint a Pretty Picture 

Ethereum emerged as the most talked-about cryptocurrency in the crypto media amid the Spot Ether ETF decision on May 23, which spiked Ethereum’s social metrics.

The first-ever Ethereum spot ETF has generated significant excitement and contributed to one of the top 5 most successful days in 2024 for the cryptocurrency market. Moreover, the social metrics also spiked, demonstrating that ETH is gaining popularity in crypto media.

Over the course of 24 hours, ETH, UNI, PEPE, BONK, and LDO have all experienced gains of over 20%. Additionally, Bitcoin’s surge to $71.4K, marking its highest point in 6 weeks, has been downplayed, as reported by a Blockchain analytics firm.

Ethereum Price Soars Amidst Bloomberg Analyst’s Forecast

The price of Ethereum (ETH) spiked over 18% after a senior analyst at Bloomberg raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%. 

The United States Securities and Exchange Commission (SEC) is reportedly facing political pressure, and there is speculation that the SEC is asking exchanges to update their filings. 

The final decision on the Spot ETF registration requirement is still pending, and the SEC could approve exchange rule changes separately from the fund’s registration, potentially delaying the process beyond the May 23 deadline for VanEck’s Ethereum spot ETF request.

Ethereum Is Everywhere

Ethereum is currently the most talked-about asset in the crypto space, with discussions about it trending on platforms like X, Discord, Telegram, 4chan, and BitcoinTalk. Investors eagerly await the SEC’s decision on approving the first Spot Ethereum ETF. 

Following an assessment by Bloomberg that the likelihood of the Ethereum ETF being approved has increased from 25% to 75%, the entire altcoin market, including Ethereum, has experienced substantial gains in market capitalization. 

As a result, the price of ETH has surged above $3,650 for the first time since April 9th.

Is Spot ETF Boosting The Ethereum Popularity

Spot ETF news spiked up the social metric of the Ethereum. The social dominance and the social volumes have reached a higher level in the last 24 hours.

The current social dominance spikes indicate that discussions about Ethereum cryptocurrency are at their highest level compared to all other cryptocurrency discussions. High social dominance could mean that ETH is currently a trending topic or there is immense interest in it at the moment.

Social volume spikes indicate a rise in the popularity and discussion of ETH on social platforms such as X, Telegram, and Reddit. That means posts, messages, or comments mentioning Ethereum are currently high.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.