Crypto Market Rises on ETF Optimism

Ethereum and Bitcoin are high today after spot ether ETFs might be on the verge of approval by the US SEC.

Written by: Timothy St. John • Tuesday, May 21, 2024 • 1 min read

• Last updated: Tuesday, May 21, 2024

Ethereum (ETH) is up 19.76% today as the crypto market surges and crypto investors are hyped for the approval of spot ether ETFs.

Cryptocurrency — The crypto market is shaken up right now with major gains.

The US Securities and Exchange Commission will be deciding whether to approve spot ETFs this week, but the early buzz is that they have already made up their mind and have decided in their favor. Those rumors have sparked massive interest in Ethereum, which is now at $3,750 (ETH/USD) after sitting close to the $3,000 level for a while.

This a massive gain for the coin and could help establish a much higher resistance level moving forward. The last time Ethereum was this high was back in March of this year.

Bitcoin Gains Too

Ethereum is not the only cryptocurrency that is gaining steam this week. Bitcoin is also up today, climbing 2.24% and surpassing $70,000 for the first time in weeks.

If spot ETFs are approved, then the crypto market could experience a wide bull trend that elevates a number of major cryptos much higher and brings more interest to the market.

Many investors have been waiting for an opportunity like this, having seen the market struggling for weeks and expecting major tokens like Ethereum and Bitcoin to be higher at this point in the year than they have been. It did not take much for the two coins to jump, and they have a good chance of holding onto those gains as ETFs help these tokens gain some traction.

Because the current market upswing is based on added value for the market, we may see the market sustain its gains and continue at an elevated level for a while. Even though the market is high right now, that may not mean it is too late to invest and make a profit in the short term.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.