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Bitcoin And Ethereum are up sharply today, with the latter skyrocketing rumors that an ETH-based exchange-traded fund (ETF) could soon hit the US market.
THE Bitcoin price hit $70,000, triggering a flood of liquidationswhile ETH is negotiate over $3,500 at the time of writing. But the top two coins by market cap aren’t the only ones seeing significant gains. The entire crypto market is on the rise, with Solana And avalanche the best winners.
Solana, the fifth largest coin by market capitalization, rose over 8% over the past day and is now exchange hands for $184.17, according to CoinGecko.
However, the coin is not as close to breaking records as Bitcoin: its value still needs to increase by 29% to reach its 2021 all-time high of $259.
Elsewhere, Avalanche is also in great shape: among the top 20 coins and tokens, it is the one that is doing the best, having climbed almost 9% in 24 hours. It is now Dear at $38.24.
The coin, which runs on a network used by developers to build decentralized applicationsis the 12th largest digital asset by market capitalization and made headlines last year when JP Morgan announcement that it had used its blockchain to tokenize investment portfolios.
Further down the list of top cryptocurrencies by market cap, price surges also hit Uniswap (UNI), Pepe and Lido DAO (LDO) with 24-hour gains of over 18%, 20% and 21% , respectively.
Ethereum, the second largest cryptocurrency, is currently up 14% over the past day, to a price of $3,511. The asset soared on news that Wall Street’s biggest regulator, the Securities and Exchange Commission, may be close to approving a spot ETH ETF.
Such an investment vehicle would give people exposure to the second-largest digital currency by market capitalization via shares traded on a traditional exchange.
The second approved 11 Bitcoin ETF spot in January, but has been coy on the issue of approving an ETH equivalent.
A long list of major Wall Street firms have paperwork filed to launch a spot ETH ETF, including BlackRock, Grayscale and VanEck. Until the latest rumors, the prospects for approval seemed dim.
Edited by Ryan Ozawa.
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