The enthusiasm around bitcoin-etfs-btc-price-holds-steady-at-46000/” target=”_blank” rel=”noopener nofollow”>detect bitcoin ETF has continued into the weekend, according to the data. Even though bitcoin has reversed some of the gains it had made, investor optimism for major cryptocurrencies remains strong after the SEC approved the first applications for bitcoin spot ETFs. Data from on-chain analytics platform Santiment has revealed that ethereum and other large market cap cryptocurrencies are now at extremely bullish levels.
ethereum shines as investor optimism persists after bitcoin ETF
bitcoin is enjoying its moment in the spotlight, with many discussions focusing on the cryptocurrency and the performance of 11 spot ETFs in their first two days on the market. According to a social media post by Santiment, bitcoin sentiment and discussion rate are now at their highest level since March 2023.
In particular, other major cryptocurrencies have been quietly gaining ground. One of the biggest winners is ethereum, whose price has risen after the approval of the bitcoin Spot ETF. Traders have been particularly bullish on ethereum, with the cryptocurrency currently leading the market in terms of sentiment. ethereum sentiment and discussion rate are now at their highest level since November 2021 as traders are discussing the possibility of the upcoming approval of ethereum spot ETFs.
Debate over spot ETF approval has begun also flowed into XRPwith its sentiment and discussion rate now at its highest level since May 2023. For example, in a recent interviewSteve McClurg, chief investment officer at Valkyrie, noted that an XRP ETF could also be approved in the near future.
bitcoin slightly below the $43K level today. Chart: TradingView.com
On the other hand, Cardano (ADA), which is currently up 5% over a 7-day period, has been largely ignored in the discussion rate and positive sentiment is currently at its usual level.
As the weekend begins, sentiment towards large-cap assets remains at extremely optimistic levels and the focus is on them after the #ETF approvals. Merchants are particularly #bullish toward ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener nofollow”>#ethereum after its market value rose above $2,700 for the first time
(Continued) pic.twitter.com/JxitOuX6Ww
– Sentiment (@santimentfeed) January 13, 2024
ethereum Performance Compared to Post-bitcoin ETF
ethereum price seems to have reacted more positively after the bitcoin ETF hit the market. Although bitcoin initially saw a price surge that saw it surpass $48,600 for the first time since April 2022, the crypto has gone through abitcoin-takes-a-dip-ethereum-goes-hot-and-the-next-crypto-chapter/” target=”_blank” rel=”noopener nofollow”> brief decline and is currently trading at $42,900. However, this does not mean that the cycle is over, as many analysts and investors project a rise in the btc price in the coming weeks.
ethereum, on the other hand, has maintained its price rise to surpass bitcoin. As a result, the eth/btc pair jumped from 0.05085 on January 10 to 0.06117 on January 12. At the time of writing, eth/btc is at 0.05935. ethereum price has risen more than 14% in the past week and has eth/ethereum-price-holds-ground-2580/” target=”_blank” rel=”noopener nofollow”>maintained a strong foundation above the $2,500 resistance. eth is trading at $2,550 at the time of writing.
Featured image from iStock
