Compass Investments

Crypto vs. Dollar

📌 Ethereum and Solana overtake bitcoin: ETF expectations spur altcoin growth

Learn about the latest developments in the cryptocurrency market. Etf

– Learn about the latest developments in the cryptocurrency market.

Bitcoin prices hold at $61,000 amid fears of a sell-off at bankrupt exchange Mt Gox.

Ether rose 2.1 percent to $3,444.20, helped by the imminent approval of the U.S. spot Ether ETF by the SEC.

Solana rose 7% after VanEck’s ETF filing, signaling a shift in investor interest in the altcoin.

Ether and Solana are rising in the cryptocurrency market thanks to the impending approval of their respective exchange-traded funds by U.S. regulators, even as the price of bitcoin remains relatively stable at $61,000.

As expected, the price of Ether rose 2.1 percent to US$3,444.20. According to a Reuters report, the SEC is expected to approve a spot ETF for Ether as early as next week. Expectations of regulatory approval not only boosted Ether’s exchange rate, but also pushed Solana up 7% after VanEck filed an application to create an ETF for Solana.

We are pleased to announce that VanEck has applied for the first Solana exchange-traded fund (ETF) in the United States.

Below, we outline why we believe SOL is a commodity.

Reasons for filing

However, overall market sentiment remains cautious ahead of the release of US inflation data, which could impact interest rate decisions as well as the strength of fiat money versus digital tokens.

Sentiment towards altcoins was mixed, with mixed dynamics: ADA and XRP were unchanged, while Doge and Shiba Inu declined slightly.

Adding to confidence in Ether is Galaxy Research’s forecast that monthly net inflows could be around $1 billion if the Ether ETF is approved. This potential inflow is expected to be 20-50% of the inflows raised by the Bitcoin ETF in the first five months, with Galaxy analysts targeting 30% .

This expected inflow is particularly notable given the limited availability of Ether on centralized exchanges, much of which is confined to stablecoins, smart contracts and bridges.

Bitcoin

Bitcoin

$64,631.94

BTC -0.16%

Ethereum

Ethereum

$3,445.38

ETH -1.02%

Binance Coin

Binance Coin

$573.66

BNB -0.34%

XRP

XRP

$0.58

XRP -6.25%

Dogecoin

Dogecoin

$0.12

DOGE -2.79%

Cardano

Cardano

$0.44

ADA -1.92%

Solana

Solana

$159.20

SOL -2.11%