Ethereum up 9% after spot Bitcoin ETF approval
Ethereum (ETH) is up 9%, outpacing Bitcoin despite the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs.
What’s next for Ethereum?
Ethereum break past $2,600
With the SEC approving 11 spot Bitcoin ETFs, the market promptly shifted its focus to Ethereum.
In November 2023, BlackRock and Fidelity filed applications for spot Ethereum ETFs. If history is an indication of the future, then these ETFs could very likely be passed.
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 robust track record, traders understand the significance of its spot Ethereum ETF application.
For now, the recent spot Bitcoin ETF approvals provide a layer of certainty surrounding the potential Ethereum ETFs.
Following this, ETH rose 9% on Jan. 11 and 16.75% this week as trading volume rose 79%.
The Ethereum ETF narrative has been spurred on by Eric Balchunas, who remains bullish on its approval.
Traders are anticipating a similar growth to Bitcoin, which rose 164% in the year leading up to its ETF approval.
This could lead to a long-term rally for Ethereum, potentially even after the ETF approval deadline.
As Ethereum rallied, attention shifted to Bitcoin Minetrix whose presale is in progress.
Bitcoin Minetrix poised for gains?
Bitcoin Minerix is a platform on Ethereum that allows users to easily mine Bitcoin.
It works by users staking BTCMTX tokens in exchange for Bitcoin mining credits. They can then burn these credits for BTC cloud mining power.
This process requires no technical expertise or hardware. As such, Bitcoin Minetrix can be ideal for beginners and those looking to generate passive rewards.
Furthermore, the decentralized and transparent BTCMTX token removes the risk of cloud mining scams.
Other benefits include no space or noise constraints on the user and that it offers a more environmentally friendly alternative to traditional Bitcoin mining.
Analysts No Bs Crypto and ClayBro are bullish, expecting more gains once the Bitcoin Minetrix concludes and BTCMTX launches.
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