Benzinga - Ethereum (CRYPTO: ETH) on Monday saw its largest single-day price and market capitalization gain, as spot Ethereum ETF odds sharply increased to 75%.
What Happened: Pseudonymous crypto trader Hsaka quipped that Ethereum’s largest one-day market capitalization gain of $70.7 billion created the “Banana Zone candle.” Another crypto trader agreed:
$ETH literally added Solana's entire marketcap in one single candleSit down the king is home pic.twitter.com/eDziukrHw1
— bx1 (@bx1core) May 21, 2024
Michael van de Poppe is particularly enthusiastic about Ethereum’s recent performance, noting its strength above the $3,600 level. With the possibility of an ETF approval looming, van de Poppe has high hopes for Ethereum's sustained growth.
"Everything within the Ethereum ecosystem waking up as well," he adds. Buoyed by this optimism, van de Poppe is fully invested in altcoins, expecting them to ride the wave of Ethereum's resurgence.
DonAlt, who was previously apprehensive of more upside, thinks the introduction of an ETH ETF could change the state of the market. "If we get an ETH ETF all bets are off," he declares, suggesting that such an event could propel Ethereum to new all-time highs. DonAlt highlights the transformative impact an ETF approval could have on market sentiment.
Also Read: SEC Chair Gary Gensler Mocked By Popular Crypto Analyst After Spot Ethereum ETF Progress: ‘His Meltdown Would Be Historic’
Why It Matters: Bloomberg ETF Analysts revealed yesterday that the approval odds for a spot Ether ETF have increased to 75% from 25% earlier, sending Ethereum prices to above $3,700. 90% of holders are currently in profit and 10% at breakeven. IntoTheBlock data noted a surge in transactions greater than $100,000 from 2,848 as of May 19 to 7,457 as of May 20
Crypto analysts underscored the broader implications of an ETH ETF beyond just price action, with a reawakening of the Ethereum ecosystem potentially prompting renewed activity and innovation across various projects and applications.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Big Ethereum Whale Adds On To Bullish Long Position As Spot ETF Approval Probability Jumps — Swaps Wrapped Bitcoin Worth Over $25M For ETH
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