Ethereum’s price experienced a significant surge as discussions surrounding the approval of an Ethereum ETF gained traction. Within a single day, the price rose by over $590, resulting in a market value increase of more than $70 billion. This propelled Ethereum’s price to $3,660, a level not seen since early April.
Billy Markus, the co-creator of Dogecoin, who is known as Shibetoshi Nakamoto, shared his thoughts on this surge, expressing his belief that Ethereum will reach $100,000. He also highlighted the unpredictable nature of the crypto market, explaining how market movements often contradict expectations when people engage in buying or selling activities.
The anticipation of an approval for a spot Ethereum ETF has fueled speculation of further gains. Initially, experts estimated the chances of approval to be only 10-25%. However, current estimates place the likelihood at 61%.
This excitement has led to predictions that Ethereum’s price could soon reach $4,000. If the ETF is approved, it is expected to attract more investors to Ethereum and other cryptocurrencies.
Additionally, the potential approval of an Ethereum ETF has sparked discussions about the impact on other cryptocurrencies, such as Dogecoin. As the leading meme cryptocurrency, Dogecoin could see increased interest from major investors in the event of an Ethereum ETF approval.
Despite recent challenges, such as an 86% drop in a key metric, an approved ETF could rejuvenate Dogecoin by attracting new interest and investments.
The upcoming days hold significant importance for Ethereum and the broader crypto market. The decision regarding the Ethereum ETF has the potential to bring about substantial changes and shape the future of cryptocurrency investments.