Amidst a flurry of activity in the cryptocurrency market, Ethereum (ETH) has taken center stage with its recent surge, climbing to new heights and overtaking retail giant Walmart to become the 19th largest asset globally. The cryptocurrency soared past $4,093.92, reaching a year-to-date high, while Bitcoin also hit a new peak, surpassing $72,800. As ETH hovers around $4,062.79, up nearly 5% in the past 24 hours, investors are eager to understand the driving forces behind this remarkable performance.
Ethereum's much-anticipated Dencun upgrade is scheduled to activate on March 13th, 2024. Market expectations are high, with projections suggesting that this upgrade will significantly boost Ethereum and Layer 2 project performance. At the core of the Kanjun upgrade is EIP-4844, known as "proto-danksharding," aimed at Ethereum's scalability. This upgrade introduces a new transaction type called "blob-carrying transactions," expanding blockchain capacity and reducing transaction fees on Layer 2 networks. The substantial reduction in fees is expected to catalyze the widespread adoption of applications on Layer 2, with Ethereum's total value locked (TVL) already soaring to $396.3 billion.
The recent success of Bitcoin's spot ETF, attracting nearly $9.6 billion in inflows, has fueled optimism for Ethereum's spot ETF approval by the SEC. While opinions vary on the likelihood of approval in May, blockchain expert Colin Wu remains optimistic, emphasizing the importance of public sentiment. Wu highlights Ethereum co-founder Vitalik Buterin's support for Ukraine amidst the Russia-Ukraine conflict, which could enhance Ethereum's image in the eyes of U.S. regulators. A favorable regulatory environment could further boost Ethereum's price.
Seasoned cryptocurrency investors often refer to market cycle patterns, where Bitcoin leads the rally, followed by Ethereum and other major tokens, signaling the onset of an "Altseason." With Bitcoin maintaining its dominance at 53.7%, investors are positioning themselves for the next potential uptrend cycle, particularly in Ethereum and other major tokens. This anticipation could drive Ethereum's price even higher as investors seek opportunities in the evolving market landscape.
As Ethereum continues to make headlines and attract investor attention, these positive catalysts underscore its growing significance in the cryptocurrency ecosystem. With ongoing developments and a supportive market environment, Ethereum's journey to new heights appears poised to continue.
Nearly 10 years after losing access to his Coinbase account, NBA legend Kevin Durant has finally regained control of his long-dormant Bitcoin stash. But what began as a feel-good recovery story has unexpectedly stirred anger among Coinbase users who say their own pleas for help have gone unanswered.
XingChiA new South Korean drama "To The Moon", follows three women investing in crypto during the 2017–2018 Bitcoin boom. It highlights the country’s $3.15 billion daily retail crypto market and growing regulatory oversight.
JoyThe Trump family’s American Bitcoin Corp started trading on Nasdaq, raising $2.1 billion and holding 2,443 Bitcoins to offer investors regulated crypto exposure. This comes as Donald Trump’s administration eases crypto regulations, boosting family-held digital assets worth over $5 billion.
WeatherlyUS lawmakers are meeting with crypto leaders to discuss a bill that would let the government buy one million Bitcoin over five years. The plan aims to build a strategic Bitcoin reserve using budget-neutral funding, but it needs wider political support to move forward.
AnaisSouth African company Altvest plans to raise $210 million to buy Bitcoin and rebrand as Africa Bitcoin Corp. The firm aims to hold Bitcoin as a core reserve asset and list on regional and international exchanges.
WeatherlyRaoul Pal predicted that the number of crypto users could reach four billion by 2030, with the market potentially hitting $100 trillion by 2032. He based this on wallet growth compared to early internet adoption, though critics say wallet counts may overstate real usage.
AnaisSouth Korea’s FSC nominee, Lee Eok-won, sparked controversy by calling cryptocurrencies worthless and warning against pension fund investments. Critics say his stance ignores crypto’s real economic value and risks driving investment and talent abroad.
AnaisHollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
XingChiMetaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiEthereum outperforms Bitcoin with a 98% annual gain, driven by its proof-of-stake shift, scarcity, expanding ecosystem, and growing institutional adoption, positioning it as the future of cryptocurrency.
AlexCoinbase supports Grayscale's Ether ETP, citing Ethereum's commodity status and market robustness, urging SEC approval for regulatory consistency.
Huang BoExploring the SEC's review of Ethereum ETFs, their market impact, regulatory hurdles, and the anticipation shaping the future of digital asset investments.
MiyukiSEC Commissioner Hester Pierce is optimistic about approving spot Ethereum ETFs, aiming for a streamlined approach. Key competitors include BlackRock, VanEck, ARK, Fidelity, and others.
Huang BoAnalytics firm IntoTheBlock suggests that traders are anticipating the approval of a spot market exchange-traded fund (ETF) for Ethereum (ETH) following the recent "fake" approval announcement of spot-based Bitcoin ETFs. Ethereum has outperformed Bitcoin by over 10% since the fake announcement, signaling traders' expectations for Ethereum ETF approvals. IntoTheBlock's analysis indicates that the SEC's approval of spot Bitcoin ETFs could pave the way for a similar approval for Ethereum, as both are subject to potential manipulation.
EdmundEthereum's price surged 10% to $2,600 after U.S. spot Bitcoin ETF approval. Expectations rise for spot Ether ETFs as companies like Ark 21 Shares and BlackRock file proposals.
Huang BoSEC delays decision on Grayscale's Ethereum Trust to Jan. 25, 2024, citing the need for thorough review and addressing concerns, impacting broader cryptocurrency ETF landscape.
Huang BoProShares, VanEck, and Bitwise have all introduced futures-based ETFs
AlexThese ETFs are managed by six different firms: Valkyrie, VanEck, ProShares, Bitwise, Kelly, and VolShares.
BrianAfter Kelly Strategic Management submitted an application for an ether futures ETF, analysts questioned whether US SEC Chairman Gary Gensler was "mentally prepared" to approve any product other than BTC futures products.
Cointelegraph