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Ethereum spot ETF boosts market sentiment, top altcoins gain momentum

By May 24, 2024May 26th, 20242 minute read

The total market capitalization is currently valued at $2.50 trillion, a critical support level for the market. Inflows have started increasing in the last 24 hours with Ethereum’s spot ETF approval being the major growth driver.

In another landmark victory for the crypto community, spot Ethereum ETFs have been given a green signal by the Securities and Exchange Commission. While fund inflows will only begin once ETFs offering spot crypto are licensed. The altcoin market buzz is still ongoing as optimists predict a spot ETF approval for XRP and SOL next. 

Ethereum has increased by 28.97% in the last one week with further enthusiasm surrounding which fund manager launches the first ETF for Ethereum. This also creates a beacon of hope that the SEC will ease its regulatory stance on crypto. Similar to bitcoin’s all time high levels just ahead of ETF approvals, there might be similar developments observed for Ethereum in the next few days. 

As of 10:00 AM, 24th May 2024, on WazirX, Bitcoin’s current price is ₹55,50,191. Its price has increased by 2.73% in the last 24 hours.

Ethereum (ETH) is trading at ₹2,55,864 up by 2.40% in the last 24 hours.

The top gainers on WazirX include Pepe (PEPE), Lido DAO (LDO), and Uniswap (UNI), with price increases of 70%, 45%, and 43.16%, respectively.

However, the tokens that underperformed comprised Immutable X (IMX), Hedera Hashgraph (HBAR), and Reserve Rights (RSR), with a price decrease of 5.31%, 4.91%, and 4.83%, respectively.

Shiba Inu (SHIB) saw a price increase of 1.99% and is now priced at ₹0.001986. Dogecoin (DOGE) saw a decrease of 2.12% and is now priced at ₹12.49.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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