Altcoins
Top altcoins to watch amid hype over Spot Ethereum ETF (ETH) approval
After the U.S. Securities and Exchange Commission (SEC) sent all signs of rejecting approval of Ethereum (ETH) spot exchange traded funds (ETFs) over the past month, the agency has reversed its stance. In particular, on Thursday the US SEC commissioners, led by Gary Gensler, will vote whether to approve or reject VanEck’s Ether spot ETFs.
On Monday, the US SEC required aspiring cryptocurrency exchanges to update their 19b-4 filings, which the industry took as a positive sign.
According to Bloomberg ETF analysts led by James Seyffart, the chances of the US SEC approving the spot Ether ETF have increased from 25% to 75%. A similar sentiment was expressed by David Han, research analyst for Coinbase Institutional, who added that demand for Ethereum is expanding rapidly enough to be ignored by regulators.
Cryptocurrency market peak
Following news that the US SEC may inevitably approve Ether spot ETFs later this week, the total cryptocurrency market capitalization increased by more than 8% to around $2.73 trillion on Tuesday. Bitcoin (BTC) and Ethereum have led the overall cryptocurrency recovery.
According to the latest market data, the price of Bitcoin has increased by more than 7% in the last 24 hours, to settle above $70,000 again after seven weeks. On the other hand, Ether price gained over 20%, trading around $3,671 on Tuesday during the start of the Asian session.
The best Altcoins to keep an eye on
As the hype around spot Ether ETFs continues to rise, most altcoins have attracted significant attention from whale investors, thus suggesting an inevitable bullish breakout. According to market intelligence platform Santiment, Ethereum-based web3 projects such as Optimism (OP), Polygon (MATIC), Arbitrum (ARB), Lido DAO (LDO), Uniswap (UNI) and Pepe (PEPE) are more likely to pump also, whether the US SEC will approve Ether spot ETFs.
Other notable altcoins with notable bullish outlooks include Chiliz (CHZ), Bonk (BONK), and Shiba Inu (SHIB), among others.