Sunday, June 23, 2024

Bitcoin, Ethereum, and Dogecoin Surge: A Look at the Week’s Top Gainers.

This week has been quite the roller coaster for the cryptocurrency market, but for investors in the biggest blockchain projects, it has largely been an upswing. As of Thursday at 12:00 ET, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) had made some incredible gains over the previous week, rising 3.3%, 28.7%, and 5%, respectively.

The assumption that a decision about the Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETFs should come this week is the news this week that seems to be supplying the rising tide, lifting the boats of all large-cap digital assets.

Prior to the final approval of spot ETFs for that cryptocurrency, Bitcoin saw a surge in value and a rush of capital into this asset. This could eventually lead to more goods that are similar to it, and it is an obvious and significant driver for the industry as a whole.

Let’s examine each of these tokens in detail and discuss what to look out for next week.

Are Ethereum ETFs on the spot?

Regulators’ final decision on the VanEck spot Ethereum application, which is due later today, and the ARK 21Shares ETF application, which is due tomorrow, is still up in the air. Expectations before this week stated that the earliest we would hear anything would be next week. As a result of the schedule being advanced, investors will soon find out if these optimistic predictions were justified.

Possible investments in Ethereum could impede inflows into spot ETF funds that prioritize Bitcoin. As a result, it is not surprising that Bitcoin was trading at this level before this announcement. Although Bitcoin has still trended positively on this news because it’s beneficial for the industry as a whole, Ethereum should gain (at least partly) at the expense of Bitcoin.

The price movement of Dogecoin seems to be separated from the top two cryptocurrencies in terms of market capitalization. Having said that, traders are increasing their speculative bets in order to take advantage of the maximum upside potential available today due to predictions of increased liquidity in this market from institutional investors.

From here, where should we go?

In my opinion, staying away from these top digital assets at this time is the safest course of action. Yes, should the SEC decide in favor of spot Ethereum ETFs, there is significant upside potential. However, I believe that any potential profits could be outweighed by the negative risk of a “no” (and yes, a lot has already been priced in).

The result is yet unknown because different authorities have shown varying degrees of interest in these spot Ethereum ETF products. I don’t believe it’s worth trading on this catalyst just now until we have an approval on file.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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