Altcoin
Bitcoin Rallies Past $63K As ETF Inflows Regain Momentum
The top crypto prices today extended the rebound frenzy as the Bitcoin (BTC) price surged past the $63,000 level. In addition, the Ethereum (ETH) price mirrored the sentiment and sustained above the $3,100 mark. Moreover, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) also gained notably.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price soared by 5.86% reaching $63,030.40 at the time of writing on Saturday, May 4. On the other hand, it’s trading volume surged 8.32% to $32.62 billion in the last 24 hours. Whilst, the crypto’s market capitalization climbed to $1.27 trillion.
2. Ethereum Price
The Ethereum price rallied 3.87% to $3,117.60 at press time with a market valuation of $374.48 billion. Whilst, ETH saw its trading volume drop 0.75%, reaching $12.37 billion.
3. Solana Price
The Solana price recovered significantly and surpassed the the $140 mark today. The Solana price surged 3.72%, settling at $145.04. In contrast, SOL witnessed a 3.66% dip in trade volume to $3.17 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price neared the $0.53 level. The XRP price recorded a gain of 1.71%, reaching $0.5297. On the other hand, XRP’s trading volume jumped 10.52% to $1.11 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price was up 2.56% to $0.4682 today. Whilst, ADA recorded a decline of 2.45% in its 24-hour trading volume, settling at $323.55 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price rallied 12.17% to $0.1502 while its rival, Shiba Inu price was soared 7.80% and traded at $0.00002495.
Also Read: Top 5 Reasons Why Bitcoin Price Recovery Is Confirmed
Top Crypto Gainers Today
- Nervos Network (CKB): The CKB crypto surged 18.70% and traded at $0.01872.
- Dogwifhat (WIF): The Dogwifhat meme crypto price rallied 17.62% to $3.31.
- Floki (FLOKI): The Floki crypto price was soared 17.11% and was valued at $0.0001957.
- Stacks (STX): The STZ crypto price rose 13.98% to $2.39.
Top Crypto Losers Today
- Helium (HNT): The Helium price lost 2.50%% to $5.37.
- Sui (SUI): The Sui price dipped 2.10% to $1.10.
- Ondo (ONDO): The Ondo crypto dropped 0.78% to $0.8199.
- Polkadot (DOT): The DOT price was down 0.39% to $7.18.
The recent rebound in the Bitcoin price could be largely attributed to the resurgence of ETF inflows. On Friday, May 3, the Spot Bitcoin ETFs recorded a massive influx of $378 million. Moreover, the Grayscale Bitcoin Trust (GBTC) witnessed the first day of positive flow with $63 million net inflow.
Also Read: Dogwifhat Price Analysis: Is WIF Going To $10 In May?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.
SEC Nears Approval for First US Ethereum ETFs
The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.
Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.
Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon
YieldMax Seeks SEC Nod for Ether ETF
YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.
Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.
As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.
Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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