Ethereum skyrockets 22% amid speculation of ether ETFs approval

This week, the U.S. markets watchdog is set to deliver its decision on several spot ether ETF applications. Analysts and investors speculate that Tuesday's surge may be attributed to rumours suggesting that the could approve these products, contrary to earlier expectations of rejection.

"Ethereum has surged by ~20% overnight by registering its biggest candle in 5 years after positive developments on its decision. has requested Ethereum spot ETF applicants to update their 19b-4 filings - indicating that they are likely to be approved this week," said Vikram Subburaj, CEO of .

"If ETH ETF is approved, we anticipate Ethereum to surge towards $4,000 in the upcoming days," Subburaj said.

Over the past seven days, Ethereum has experienced a significant increase in value, rising by 32%. The volume of Ethereum traded in the twenty-four hours leading up to the time of writing surged to $46.98 billion, marking a 329.6% increase.

Meanwhile, surged by 5.8% to reach $70,734 in the last 24 hours, contributing to a nearly 9% increase in the global cryptocurrency market cap, which now stands at around $2.63 trillion.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, increased to $1.393 trillion. Bitcoin's dominance is currently 53.25%, according to . BTC volume in the last 24 hours rose 158% to $58.4 billion.

Other major such as BNB (8%), XRP (6.4%), Dogecoin (12.9%), Shiba Inu (8.9%), Avalanche (8.9%), and Cardano (8.3%) also surged.

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Source: Forex-Markets-Economic Times