VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market, linked to decisions by the U.S. Securities and Exchange Commission. Rule Change Allowing Ethereum Exchange Traded Funds Approved.

“It’s truly one of the most astonishing things I’ve seen in my career as it relates to securities regulation,” van Eck told CNBC.Advantage of ETFs” this week.

VanEck was the first to ask the SEC for permission to list his proposed Ethereum ETF. Once this first hurdle is cleared, VanEck can begin the process of bringing the product to market, although the exact timeline is unclear.

“There was a real risk that the SEC would lose any form of jurisdiction over digital assets. So the first reaction was to get the green light for the approval of the ETF and the Ethereum ETF,” a- he declared. “But I think there’s a bigger story as well.”

For van Eck, the buzz around Ethereum in May means clearer regulation on the horizon and increased investor interest in crypto. In a statement posted on its website, his company said that “the evidence clearly shows that ETH is a decentralized commodity, not a security. »

Van Eck said that Financial Innovation and Technology for the 21st Century Actor FIT21, passed the House on May 8 was another major step toward regulatory clarity for cryptocurrencies, although it is doubtful it will reach the Senate before the election.

Ether rose following the SEC’s approval of Ethereum ETF listing applications on May 23, but has been virtually stable since then.

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Today, cryptocurrency prices once again saw a series of mixed price actions. Bitcoin (BTC) and Ethereum (ETH) continued to battle in the market at price levels close to the previous day’s price levels. Altcoins Solana (SOL), XRP, and Dogecoin (DOGE) saw slight price declines, while Shiba Inu (SHIB) saw a considerable drop. The JasmyCoin (JASMY) and Beam (BEAM) tokens continued a long period of rising prices.

The global crypto market cap saw a decline of 0.70% from yesterday, reaching $2.52 trillion. Furthermore, the total crypto market volume over the past day decreased by 9.68% to $75.05 billion.

Here is a brief report on the top cryptocurrencies and their price movements today, June 1st.

Best cryptocurrency prices today

Bitcoin Price

Today the BTC token price The chart shows that a 1.34% decline in the last 24 hours took the price down to $67,687.18. Additionally, the 24-hour low and high were recorded at $66,633.42 and $68,999.57, respectively.

At press time, Bitcoin’s dominance was at 52.76%, down 0.32% on the day. The market capitalization of the flagship crypto stood at $1.33 trillion.

Ethereum Price

In the meantime, Ethereum (ETH), the second largest crypto by market capitalization, has seen very turbulent price action over the past 24 hours. ETH price jumped 0.20% at press time to $3,770.92, while the token’s 24-hour low and high are $3,723.84 and 3, respectively $843.86.

Solana Price

That of Solana (GROUND) price slipped 0.47% in the last 24 hours to $166.77. Its 24-hour lows and highs are $163.93 and $170.63.

XRP Price

THE Crypto backed by Ripple Labs followed the broader market trend, falling 0.61% to $0.5184. The crypto’s 24-hour low and high are $0.5127 and $0.5241, respectively.

DOGE & SHIB Price

Dogecoin (DOGE

) fell 0.78% to $0.1591 over the past day, while Shiba Inu (SHIB) fell 3.07% to $0.00002524. However, Pepe coin (PEPE) recorded a rise of 1.66% during the same period.

Top Crypto Gainers Today

Beam Price (BEAM) rose 14.68% to $0.03
JasmyCoin price (JASMY) jumped 14.29% to $0.03579.
Bitget Token (BGB) Price rose 7.75% to $1.46.
Lido DAO price (LDO) jumped 4.82% to $2.54.

Read also: Cathie Woods’ Ark Invest Withdraws Application for Spot Ethereum ETF

Top Crypto Losers Today

Uniswap (UNI) Price fell 6.43% to $10.02.
Battery Prices (STX) slipped 5.15% to $1.82.
Safe price (SECURE) fell 5.31% to $2.10.
THORChain (RUNE) Price fell 4.09% to $6.01.

Additionally, hourly charts show that BTC and ETH gained slight upward momentum, while altcoins continued to depict declining price action.

Read also: President Biden Uses Veto to Keep SAB 121 Intact and Protect SEC Crypto Awareness

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The cryptocurrency market saw another rally following Bitcoin’s reversal of $56,000 in May. While the majority of major altcoins have seen a notable uptrend, the Memecoin sector has recovered with higher momentum as it attracts speculative traders who are able to navigate rapid market changes and capitalize on quick profit opportunities. Additionally, with the recent approval of ETH Spot ETF by the American SEC, Ethereum Meme Coins were among the biggest winners of the recent rally. If you missed Pepe coin’s rally to its new all-time high, the top Meme coins to buy are Shiba Inu (SHIB), Memecoin (MEME), and Floki to capture similar trends.

Read also: Crypto Market Prediction: MVRV Ratio Hints Bitcoin Bull Run Has Room to Grow

1) Shiba Inu (SHIB)

Shiba InuSHIB) is a meme-based cryptocurrency that started as a playful homage to Dogecoin. Key fundamental factors for SHIB include its significant social media presence, strategic token burns to reduce supply, and continued development of its ecosystem.

Shiba Inu (SHIB)| Commercial view

In the daily chart, the SHIB Price is recovering steadily under the influence of the ascending trend line. Dynamic support took the asset from its April 13 low of $0.0000183 to $0.000026, registering 45% growth.

At press time, the Shiba Inu price had a market capitalization of $14.7 billion, while the 24-hour trading volume had fallen to $250 million.

If the previously mentioned support is intact, buyers could breach the high resistance at $0.00003. This breakout could provide further confirmation of market sentiment moving from selling on a rally to buying on a decline.

The post-breakout rally could push the asset to $0.000038, followed by $0.000054.

Read also: Shiba Inu’s Shibarium Achieves Major Feat and Reduces Ethereum Bridge Time

2) Floki

Floki is a meme-inspired cryptocurrency that has evolved significantly from its origins as a playful homage to Elon Musk’s Shiba Inu dog. The core of Floki’s ecosystem includes Valhalla, an NFT gaming metaverse that allows players to earn rewards through engaging activities such as battles and asset trading.

Floki| Commercial view

In the current context of market consolidation, the Floki Price saw weakening bullish momentum, leading to a reversal to $0.000313. This bearish reversal caused the meme coin to plunge 16% to trade at $0.0000259, while the market cap plunged to $2.44 billion.

If supply is under pressure, the coin’s price could fall another 20% to seek support on the ascending trendline. This dynamic support has been on an upward trajectory for almost three months and can reclaim FLOKI’s exhausted bullish momentum.

A potential rebound from this bottom could push the asset beyond the $0.0000313 ceiling.

Read also: Coinbase adds Shiba Inu, FLOKI, BONK in full trading mode, prices to recover?

3) MAGA (Trump)

MAGA coin, also known as TRUMP, is a meme cryptocurrency inspired by the slogan “Make America Great Again” associated with former US President Donald Trump. The coin aims to merge political finance (PoliFi) with traditional cryptocurrency principles, targeting Trump supporters and conservative causes.

MAGA (Trump) | Commercial view

Trump coin entered an aggressive rally from the second week of May as the price rebounded from the $4.12 support. The reversal propelled the asset 256% from current trading at $14.7, while the market cap stood at $637.4 million.

Amid this rally, buyers recently decisively broke through the angular resistance trendline and horizontal barrier at $10.5. Maintaining this breakout should provide buyers with suitable support to lead a rally higher and target a potential to $22, followed by $25.

Read also: Discussions about Donald Trump’s prison disrupt markets; Bitcoin price down 3%

Key to remember

The current market rally is particularly robust in the Meme coin sector, attracting speculative traders hungry for quick profits. Shiba Inu (SHIB), Floki, and MAGA (TRUMP) are notable Ethereum-based Meme coins demonstrating significant potential to drive an extended rally through 2024. These coins stand out for their strong community support, innovative projects, and recent impressive performance on the market.

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