ethereum (eth) is up 9%, outperforming bitcoin despite the US Securities and Exchange Commission (SEC) approving spot bitcoin ETFs.
What's next for ethereum?
ethereum surpasses $2,600
When the SEC approved 11 bitcoin spot ETFs, the market quickly shifted its focus to ethereum.
In November 2023, BlackRock and Fidelity filed applications for ethereum spot ETFs. If history is any indication of the future, then these ETFs could probably be approved.
Senior ETF Analyst at Bloomberg Eric Balchunas noted in June that BlackRock had previously applied for 576 ETFs and won 575 of them.
With such a strong track record, traders understand the importance of their ethereum spot ETF application.
For now, recent one-time bitcoin ETF approvals provide a layer of certainty around potential ethereum ETFs.
Following this, eth rose 9% on January 11 and 16.75% this week, while trading volume increased 79%.
The ethereum ETF narrative has been driven by Eric Balchunas, who remains optimistic about its approval.
Traders anticipate similar growth to bitcoin, which surged 164% in the year before its ETF was approved.
This could lead to a long-term rally for ethereum, potentially even after the ETF approval deadline.
As ethereum recovered, attention turned to bitcoin Minetrix, whose pre-sale is ongoing.
Is bitcoin Minetrix ready to win?
crypto-news.care/” target=”_blank” rel=”noopener”>bitcoin Minerix is a platform on ethereum that allows users to mine bitcoin easily.
It works by users staking BTCMTX tokens in exchange for bitcoin mining credits. They can then burn these credits to obtain btc cloud mining power.
This process requires no technical expertise or hardware. As such, bitcoin Minetrix may be ideal for beginners and those looking to generate passive rewards.
Furthermore, the decentralized and transparent BTCMTX token eliminates the risk of cloud mining scams.
Other benefits include that there are no space or noise limitations for the user and that it offers a more environmentally friendly alternative to traditional bitcoin mining.
Analysts No Bs cryptocurrencies and ClayBro They are optimistic and expect more gains once bitcoin Minetrix concludes and BTCMTX is launched.
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