As an analyst with extensive experience in the cryptocurrency market, I believe that Ethereum (ETH) is currently leading the pack due to several significant developments. The updated S-1 forms for spot ETH ETFs filed by major financial firms such as BlackRock, Fidelity, VanEck, 21Shares, Grayscale, and Franklin Templeton have put Ethereum in the limelight. These filings could potentially pave the way for trading to begin as early as July 18. This news alone has generated substantial buzz in the market, making Ethereum a top trending token.
TL;DR
- Ethereum (ETH) is the top trending token due to updated S-1 forms for spot ETH ETFs filed by major financial firms, with potential trading starting as early as July 18.
Ripple’s XRP gains popularity amid the Ripple v SEC lawsuit, while other notable cryptocurrencies include Celestia (TIA) and Bonk Inu (BONK), showing significant price increases.
ETH Leads the Pack
As a crypto investor, I’ve noticed that Santiment, the market intelligence platform, has highlighted Ethereum (ETH) as the leading token in the crypto sector based on recent trends. The reasons for this surge in popularity can be attributed to the filing of updated S-1 forms by major financial institutions like BlackRock, Fidelity, VanEck, 21Shares, Grayscale, and Franklin Templeton for spot Ethereum Exchange Traded Funds (ETFs).
“Don’t be shocked if ETH separates from the altcoin pack,” the entity added.
One person commenting on the latest ETF amendments was Blomberg’s Eric Balchunas. The expert believes the previously approved products can begin trading as early as July 18.
XRP from Ripple is featured in Santiment’s roster. The surge in its usage could potentially stem from the extensive news surrounding the ongoing Ripple versus SEC legal battle.
The situation is currently in the trial stage, with the parties recently debating the potential penalty for Ripple. The regulatory body originally demanded a hefty fine of $2 billion, alleging that Ripple engaged in unregistered securities offerings by selling XRP tokens. However, Ripple countered with a proposed fine smaller than $10 million. More recently, the regulatory agency lessened its stance, suggesting a penalty of $102.6 million instead.
Other cryptocurrencies included in the ranking are Celestia (TIA) and Bonk Inu (BONK). The former is one of the best-performing digital assets today (July 10), registering a price increase of over 15%, while the latter leads the meme coin revival with a 5% weekly gain.
Where is ETH Headed?
The second-largest cryptocurrency’s price has experienced a modest increase over the past 24 hours, now valued at approximately $3,100 according to CoinGecko’s statistics. Some of its recent losses have been recouped, leading analysts to ponder if we’re on the brink of another bull market.
Lucky, a popular X user with over two million followers, referred to the latest drop in price beneath the $3K threshold as a “gracious occurrence.”
McKenna and Poseidon anticipate that Ethereum (ETH) will hit a new record high soon. McKenna estimates this price to be around $5,000, while Poseidon is more optimistic with a prediction of $8,000.
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2024-07-10 11:26