News
Ripple, Solana Steal the Show as Ethereum ETF Launch Disappoints: This Week’s Crypto Update
It’s been an interesting week for the cryptocurrency sector. While its total market cap has remained largely unchanged, there’s a lot that deserves our attention, so let’s dive into it.
Soon after, the U.S. Securities and Exchange Commission finally gave the final nod of regulatory approval for spot issuance of Ethereum ETFs to launch their products. This was a highly anticipated moment for many ETH investors, but the price plummeted after the launch. It is important to note that ETH ETFs generated over $1 billion in trading volume in each of the first two days of trading, which accounted for about 20% of the volume generated by BTC. This was in line with the expectations of experts.
However, in the three days since the ETF began trading, the products have seen outflows of around $180 million, mainly driven by Grayscale selling. This has obviously dampened the price, which is currently trading at a 4% weekly loss. However, the launch of ETH ETFs is widely seen as a very positive event as it opens the door for traditional investors to get involved via a familiar and regulated investment vehicle.
Despite the long-awaited launch, however, it was something else that stole the show.
XRP and Ripple’s Solana (SOL) are the best performers among large-cap cryptocurrencies this week, and they’re not even close. XRP is up a whopping 26%, while SOL has performed even better, rising 30% over the same period. Altcoins are clearly back on a positive trend, and industry participants are wondering if this is the start of another rally.
Bitcoin has also been performing steadily, rising about 5% over the past seven days. Interestingly, US presidential candidate and former president Donald Trump will be giving a keynote speech at the Bitcoin Conference in Nashville tomorrow. The entire community is eagerly awaiting this event.
That said, MT. Gox lenders have started receiving their funds in BTC and BCH, and it will be interesting to see if this will impact the market in the coming weeks.
Market data
Market Cap: $2,514T | 24H Vol: $99B | BTC Dominance: 52.8%
BTC: $67,150 (+4.9%) | ETH: $3,237 (-4.1%) | BNB: $576 (+0.5%)
This Week’s Cryptocurrency News You Don’t Want to Miss
Best Hardware Wallets 2024: Top 5 Crypto Cold Storage Picks. Starting with a longer guide we recently produced, take a look at some of the best hardware wallets to consider in 2024. Safety is important; don’t neglect it.
Ethereum turns 10: a decade of blockchain revolution. Ethereum, the world’s second largest cryptocurrency and the most actively developed blockchain network famous its tenth birthday this week. It’s a huge milestone not only for the project but for the industry as a whole.
ETH ETFs are finally live, but the price takes a hit. The United States Securities and Exchange Commission (SEC) he gave its latest nod of approval to spot Ethereum ETF issuers. The products are now trading live, but the price has dropped almost since they first came into existence.
One in a Billion: Tiny Bitcoin Mining Device Defeats Odds, Earns $206,000 Block Reward Bitcoin mining has become a tremendously energy-intensive process, with industrial players competing to generate each block and earn the reward. Well, one lucky hand-sized home miner challenged The odds were 1 in 1.1 billion and they managed to produce a block and get the reward of $206,000.
VanEck predicts that if this were to happen, Bitcoin could be worth $2.9 billion by 2050. The famous asset manager VanEck recently made an interesting forecast. The company you think that the price of Bitcoin could reach a valuation of as much as $2.9 million by 2050.
Marathon Digital Increases Its Bitcoin Holdings With $100 Million Purchase Well-known Bitcoin miner Marathon Digital has gone full HODL and recently announced the purchase of $100 million worth of BTC. With this, the company now holds more than 20,000 BTC.
Graphs
This week we have a graphical analysis of Ethereum, Ripple, Cardano, Binance Coin and Shiba Inu – Click here for full price analysis.
SPECIAL OFFER (sponsored)
Binance $600 Free (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (full details).
LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent CryptoPotato’s views on the advisability of buying, selling, or holding any investment. We recommend that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.