Ethereum
Why is Ethereum rising (May 2024) – Forbes Advisor INDIA
In March 2024, Ethereum surpassed the $4,051 level, reaching highs since January 2022. This increase in Ethereum’s value comes amid speculation about the potential launch of an exchange-traded fund (ETF ) Ethereum following the introduction of Bitcoin ETFs. The US approval of Ethereum ETFs is recent: the Department of Justice has issued an indictment with notable implications for ETH classification. As a result, there will be a reduction in livelihoods and ETH will be classified as a security.
The United States Securities and Exchange Commission (SEC) has successfully approved Ether ETFs. The House has passed a Crypto Market Structure bill to regulate the industry, marking the first time comprehensive crypto legislation has been voted on in the plenary. On Wednesday, the House voted 279-136 to pass the Republican Financial Innovation and Technology for the 21st Century Act (FIT21). Seventy-one Democrats supported the bill, including former House Speaker Nancy Pelosi of California.
As of May 29, 2024, Ethereum was trading at $3,831, up 2.17% over the past seven days and down 0.25% over the past 24 hours, just after the SEC approval. Additionally, the Dencun upgrade launched on Ethereum in March 2024; the upgrade has yet to give ETH the boost the market expected.
Following the successful implementation of the Shanghai and Capella Hard Fork, Ethereum, the world’s second largest cryptocurrency, saw a significant positive jump during a two-day rally. During this rally, prices rose from around $1,900 to $2,100 in April 2023.
The largest altcoin’s Shappella rally brings hope to the entire cryptocurrency sector, which suffered significant losses during the bearish period of 2022. Ethereum saw a nearly 65% rally in 2023. This trend The upward trend was expected to continue with the Dencun upgrade, but we didn’t see that happening.
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Ethereum hits almost $4,000
The second largest cryptocurrency in the world, Ethereum, experienced a strong upward movement during the year 2023 which attracted many investors and speculators to the crypto market. Much like Bitcoin, ETH has recently rallied. As of May 29, 2024, it was hovering around $3,833.
Source: Coinmarketcap
Rajagopal Menon, vice president of WazirX, says the potential launch of an Ethereum ETF would signal that regulators and institutional investors are accepting other major crypto assets beyond Bitcoin. This represents a major policy turning point in the trajectory of crypto acceptance and adoption. Year-long resistance against crypto from regulators like SEC Chairman Gary Gensler appears to be waning as the tide turns in an election year and Democrats try to position themselves as pro-crypto to take on Trump .
He further adds that there are valid concerns around an Ethereum ETF, given the platform’s transition to proof-of-stake consensus. If ETFs can accumulate a large amount of ETH, they could hand over outsized network control to large institutions such as asset managers and custodians. This centralization of block validation raises questions about censorship resistance compared to Bitcoin, which is proof of work.
Overall, the potential approval of an Ethereum spot ETF in the US would be an incredibly bullish development for the crypto markets in India and globally. This would strengthen the sustainability of crypto assets beyond just Bitcoin, in the eyes of regulators and institutional capital.
Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, said: “Last week saw many positive developments for the US crypto industry, including the approval of the FIT21 bill by the House. However, the maximum impact on market prices came from speculation that ETH Spot ETFs are closer to approval than previously thought. In particular, the SEC contacted all applicants (including BlackRock, Fidelity, and Vaneck) to make some last-minute changes before their approval deadline passed.
He added: “The spot ETF will allow easy exposure to ETH prices without the hassle associated with holding the underlying asset. »
Cancun-Deneb Upgrade (Dencun): 2024
After the Shella upgrade last year, Ethereum is expected to get another upgrade this year. The 2024 upgrade, which introduced danksharding and proto-danksharding, launched in March.
Danksharding divides the ETH blockchain into smaller, more manageable parts called “blobs”. Implementing the upgrade will increase network capacity and reduce transaction fees.
Proto-Danksharding, also known as EIP-4844, is a feature offered in the upgrade that builds on the notion of danksharding. By creating additional space to store data within the ETH network, it expands the capacity of danksharding. The implementation of proto-danksharding has critical implications for Layer 2 rollups. This upgrade will make more space available for data blobs to lead to a more transparent and cost-effective experience for ETH users . It is planned to reduce connected gas emissions using layer 2 solutions.
ETH continues to attract attention with its innovative approach to the highly anticipated Dencun upgrade. The upgrade includes a series of upgrades for the Cancun execution layer and the Deneb consensus layer of the ETH network. These simultaneously drive remarkable changes to improve security, scalability, and usability.
With the Dencun upgrade, ETH aims to provide a more robust infrastructure for dApps and smart contracts, encouraging innovation and driving the adoption of blockchain technology. This radical change represents the next phase of Ethereum’s evolution and promises improvements to address existing challenges and unlock new possibilities.
Major Developments in Ethereum
Will Ethereum reach $4,500?
As of May 29, 2024, Ethereum was trading at an all-time high of $3,832 with a market capitalization of $460.35 billion. Since the “Shappella” upgrade, ETH has maintained enormous growth levels. It increased by 101.78% last year.
Ethereum market performance is currently at 26% at the time of writing, with significant institutional demand, increased inflows into BTC ETFs and the US SEC approving spot ETH ETFs.
The price prediction for 2024 ranges from $4,500 to $4,700. The forecast range for February is $2,650, mainly due to investor enthusiasm around the Ethereum Spot ETF. Ethereum has shown strong performance this month.
The future outlook for ETH price suggests a promising trajectory in 2024, with dynamic changes, potential bullish momentum, and pivotal moments anticipated throughout the year. Time will tell whether the upgrade will be a success or a failure for Ethereum.
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Best investment offer
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Conclusion
Most cryptocurrencies, including BTC and ETH, are seeing positive trading trends due to investor interest in Spot Bitcoin ETFs and the current approval of Spot ETH ETFs.
Anticipation played a central role in Ethereum reaching one of its highest positions over the last year. Dencun is already launched on Ethereum, and the chances of the US SEC approving ETH spot ETFs will likely maintain the bullish momentum this year and in the future.
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
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