Market situation
The cryptocurrency market rose 0.8% on the day and settled at the $2 trillion ceiling. Altcoins are once again driving growth, with the first coin remaining flat and down 0.5% in 24 hours, while Ethereum is up 2.5%. BNB added just under 2% and is enjoying a resurgence of interest in crypto trading. XRP and Cardano both fell by 1%, sending the market down again.
Bitcoin and Ethereum are the cryptocurrencies of choice for institutional investors. Their current trade is clearly betting on the approval of a spot ETF for ETH. Speculators are cautiously locking in profits in BTC, which previously rose on the same theme.
Remember that Ethereum's market capacity is smaller than Bitcoin, which has three times the market capitalization. This means that prices are more sensitive to changes in sentiment. Ethereum rose 40% in 30 days, marking the best performance among the top 10 coins.
news background
About 90% of the Bitcoin purchased by spot ETFs was sent to Coinbase's custodial platform, said CEO Brian Armstrong. He said the exchange's custodial services have accumulated more than $36 billion in Bitcoin. The growth of the ETF market suggests that institutional investors are seriously considering Bitcoin as one of their most reliable assets.
Lawyer Scott Johnson said that if the US SEC does not approve the Spot Ethereum ETF in May 2024, it will do so by mid-2025. Bloomberg analyst James Seyfarth believes that the SEC will not take as long to process Ethereum ETF applications as it does for BTC, as the majority of applications may be based on Bitcoin ETFs. S&P Ratings expects the SEC to approve the ETF's application in May.
The court approved a $4.3 billion payment by the Binance exchange to the US Department of Justice as part of the plea agreement. According to the signed agreement, the platforms agreed to take significant steps to ensure continued compliance with US law.
According to CryptoSlam, total sales of non-fungible tokens (NFTs) on the Solana network exceeded $5 billion, with 43 million NFT transactions. The Solana blockchain has over 2.2 million his NFT buyers and over 1.6 million sellers.
Internet forum Reddit invests surplus funds in Bitcoin and Ethereum. Cryptocurrency investment strategy started in 2022.
