The past week was a rollercoaster ride for Bitcoin, as it saw highs and lows driven by hype and the approval of spot Ethereum ETFs in the US. Bitcoin struggled to stay above $66,000 at the beginning of the week but surged to nearly $72,000 on the news of potential ETF approval. However, the excitement was short-lived as the price dropped to $66,400 just before the approval announcement. Despite the fluctuations, Bitcoin managed to hold the $69,000 level by the weekend.
The approval of spot Ethereum ETFs had a significant impact on Ethereum’s native token, ETH. ETH jumped from $3,100 to over $3,900, reaching its highest price since April. The second-largest cryptocurrency experienced a volatile ride throughout the week but ended up with a 22% gain. This surge in price also had positive effects on other altcoins in the market.
Among the top performers in the altcoin market were UNI, PEPE, LDO, and ETH. UNI saw a massive 44% increase, surpassing $11, while PEPE reached several all-time highs. However, not all altcoins shared the same success, as SOL, TRX, TON, and ADA ended the week in the red. Overall, the total crypto market cap increased by over $200 billion, exceeding $2.7 trillion.
As the market continues to react to the news of spot Ethereum ETF approvals, investors are closely monitoring the price movements of Bitcoin and Ethereum. The volatility seen in the past week may persist as traders adjust their positions based on market developments and regulatory decisions. It remains to be seen how the market will respond in the coming weeks and whether the positive momentum can be sustained.
The approval of spot Ethereum ETFs in the US had a significant impact on the cryptocurrency market, leading to price surges and increased market capitalization. While some altcoins experienced significant gains, others struggled to stay afloat. The coming weeks will be crucial in determining whether the market can maintain its current momentum or if a correction is imminent.
