Ethereum

Solana

Bitcoin

The global digital asset industry is on its way to attaining $2 trillion market capitalisation after Bitcoin (BTC) and Ethereum jumped on to the <a href="https://news.todayq.com/bitcoin-price-is-over-46500-and-rising-as-bull-season-resumes/" target="_blank" rel="noopener noreferrer nofollow">bullish rally</a>. The total market cap now stands at $1.81 trillion. However, an approval of spot Ethereum Exchange-Traded Fund (ETF) is expected to help the crypto market jump over the $2 trillion mark. ETH ETF in focus 
According to the data, Bitcoin successfully surpassed its 2022 highs, driven initially by speculation regarding a <a href="https://news.todayq.com/spot-eth-etf-update-ark-invest-and-21shares-address-new-strategies/" target="_blank" rel="noopener noreferrer nofollow">spot ETF</a> in 2023. A mega approval and a robust start to ETF trading follow it. However, the market’s attention is now turning towards ETH as it anticipates a potential ETF approval on May 23rd.
Experts suggest that there is a strong possibility that Ethereum will see an uptrend towards its 2022 highs leading up to May. He added that the ETH/BTC pair potentially gained traction after being in a downturn since the merge in September 2022.&nbsp;
As per Tedtalksmacro, this turnaround could provide Ethereum with a reason to outperform the broader market. Even if the surge turns out to be short-lived it would help the biggest altcoin. He added that If an ETH ETF receives approval, it may spark speculation around other altcoins. This indicates a potential upswing for Solana (SOL). Solana, a next big competitor 
Solana has been on a surge since the last quarter of 2023. It has gained 93% in the last 90 days. It has already outperformed Ether as ETH price jumped by just 20% at the same time. SOL is trading at an average price of $105, at the press time. Its 24 hour trading volume jumped by 4% to stand at $1.5 billion.
ETH is trading at an average price of $2,484, at the press time. Its 24 hour trading volume stands around $6.9 billion.
A Coingecko study concluded that Europe holds a dominant position in the global ETH ETF landscape, commanding an 81.4% market share. The continent boasts 13 ETH-backed ETFs which cover spot products and futures funds. The total assets under management (AUM) amount to $4.6 billion. However, Canada is also a big market for ETH ETFs as it holds a 16.6% market share with $949 million in AUM.
As of February 2, the global AUM for Ethereum ETFs stood at $5.7 billion. It is distributed across 27 ETFs featuring both spot and futures funds. European Ethereum ETFs have been active since 2017, with Grayscale’s ETH trust (ETHE) as one of the pioneers..
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Crypto market eyes $2 Trillion mark with Ethereum ETF hopes

Todayq News

Other articles published on Feb 12, 2024

Russian Central Bank Says ‘Almost All Financial Scams Are Now Crypto-themed’

Flare (FLR) Bounces Up 7% After XRP Integration Announcement

Introducing the ERC-404 Token Standard: Merging ERC-20 and ERC-721 Features

Bitcoin Soars Past $48,000 Benchmark as Market Optimism Grows

Tensor Seizes Commanding Lead in Solana NFT Sector

Aelf Crypto: ELF Price Shows Slow Momentum; Will It Boost Soon?

Join our free newsletter for daily crypto updates!