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Solana and Avalanche Soar as Ethereum Price Hits $3,500
Bitcoin It is Ethereum are trending today – with the latest rising rumors that an ETH-based exchange-traded fund (ETF) could soon hit the US market.
O Bitcoin price touched $70,000, triggering a flood of liquidationswhile ETH is trading over $3,500 at the time of writing. But the top two coins by market cap are not the only ones showing big gains. The entire crypto market is on the rise, with Solana It is Avalanche the biggest winners.
Solana, the fifth-largest coin by market cap, rose more than 8% the previous day and is now exchanging hands for $184.17, according to CoinGecko.
However, the currency is not as close to breaking records as Bitcoin – it still needs to increase in value by another 29% to reach its all-time high in 2021 of US$259.
Elsewhere, Avalanche is also on the rise: of the top 20 coins and tokens, it is faring best, having soared nearly 9% in 24 hours. And now price for $38.24.
The currency, which runs on a network used by developers to build decentralized applicationsis the 12th largest digital asset by market cap and last year made headlines when JP Morgan announced which used its blockchain to tokenize investment portfolios.
Further down the list of top cryptocurrencies by market cap, price increases also hit Uniswap (UNI), Pepe and Lido DAO (LDO) with 24-hour gains of over 18%, 20% and 21% respectively.
Ethereum, the second largest cryptocurrency, rose 14% in the last day, reaching a price of US$3,511. The asset soared on news that Wall Street’s top regulator, the Securities and Exchange Commission, could be close to approving a spot ETH ETF.
Such an investment vehicle would give people exposure to the second largest digital currency by market value, through shares traded on a traditional stock exchange.
The second approved 11 Bitcoin ETFs in sight in January, but has been coy on the issue of approving an ETH equivalent.
A Long List of Big Wall Street Firms archived documentation to launch a spot ETH ETF, including BlackRock, Grayscale and VanEck. Until the latest rumors, the approval prospects appeared dim.
Edited by Ryan Ozawa.