📈 Ether Surges as Investors Anticipate Approval of Ether ETFs in the U.S. 🚀

The Most Recent Cryptocurrency Market Price Changes in Perspective for Feb. 20, 2024.

Ether nears $3K in First Mover Americas

Hey there, fellow crypto enthusiasts! Hold onto your hats because Ether, the second-largest cryptocurrency by market value, is making some serious waves in the market. 🌊 On Monday, Ether (ETH) reached levels not seen for almost two years, climbing to $2,984 according to data from TradingView. This is the highest level since April 26, 2022! But why the sudden surge, you ask?

Well, it seems like investors are eagerly anticipating the approval of spot ether exchange-traded-funds (ETFs) in the U.S. 🇺🇸 This news has injected fresh optimism into the market, pushing Ether to new heights. And guess what? Analysts believe that ETH has the potential to keep on soaring, possibly reaching $3,600! Now, that’s what we call a moonshot! 🚀

So, what’s fueling this bullish sentiment? Experts like Kenny Hearn, SwissOne Capital’s chief investment officer, suggest that altcoins are playing catch-up and driving the market forward. They predict that levels around $3,150 to $3,300 are within reach in the near future. And if things go according to plan, $3,600 will be on the horizon in no time. 📈

Don’t worry; we haven’t forgotten about Bitcoin, the big boss of the crypto world. Although Bitcoin remained relatively unchanged on Tuesday, the altcoin rally was real. Altcoins like Filecoin’s FIL, which climbed 17%, and Hedera’s HBAR, which added 8%, joined ETH in the surge. It’s a wild ride out there, folks!

• Ether Price Surges Past $3,000 as Crypto Market Remains Hot 🔥💰💥
• Filecoin Price Soars: A Long Overdue Recovery?
• Investor Trust in Exchange Tokens Sees Resurgence, Overcoming FTX Scandal Shadows

💰 The Largest Airdrop of the Year: Starknet’s Distribution of Tokens 🎁

In a move that can only be described as “let the games begin,” Ethereum rollup Starknet recently initiated the distribution of a staggering 728 million tokens! 🎉 This event has been hailed as the largest airdrop of the year, and it’s causing quite a frenzy in the crypto community.

Starknet’s token, aptly named STRK, saw pre-launch perpetual futures trading at $1.80 on decentralized futures platform Aevo. But as soon as the token was released, the price skyrocketed to $5 on Kucoin! Talk about a rollercoaster ride. 😱

However, like any wild ride, there were some bumps along the way. After the initial surge, the price of STRK experienced some volatility, currently resting at $3.50. With 10 billion tokens in total supply, the fully diluted value (FDV) stands at a whopping $35 billion. Impressive, isn’t it?

But here’s where we separate the men from the boys (or the FDV from the actual market cap). The actual market cap, which takes into account the current circulating supply and price, is currently at a more down-to-earth $2.32 billion. Still impressive, but maybe not as heart-stopping as the FDV. 😉

🔄 Bitcoin ETFs Continue to Attract Investor Attention 💼

Bitcoin exchange-traded funds (ETFs) have once again become the talk of the town. Last week, they raked in a record-breaking $2.4 billion of the $2.45 billion that flowed into digital asset investment products, according to crypto asset management firm CoinShares. Looks like Bitcoin ETFs are giving other investment options a run for their money!

It seems that the newly approved U.S.-based spot bitcoin ETFs are getting all the love, with allocations overwhelming the $623 million outflows from Grayscale’s Bitcoin Trust (GBTC). BlackRock’s IBIT and Fidelity’s FBTC emerged as the top choices, attracting $1.6 billion and $648 million, respectively. That’s a whole lot of zeros!

James Butterfill, CoinShares’ head of research, believes that the significant acceleration of net inflows into spot-based ETFs is a clear indication of increasing interest from investors. And who can blame them? ETFs provide a convenient and regulated way to gain exposure to the crypto market. It’s like having your cake and eating it too! 🍰

🔍 Chart of the Day: Growing Interest in Ether Futures Trading 📊

Now, let’s take a closer look at the chart of the day. It reveals the notional open interest, which represents the dollar value of the number of active ether futures contracts on the Chicago Mercantile Exchange (CME).

The chart clearly shows that open interest is rapidly approaching the $1 billion mark. This is a significant milestone, as it hasn’t been reached since late 2021! The growing interest in ether futures trading indicates renewed confidence and excitement among investors.

Source: Velo Data

🚀 Trending Posts: What’s Making Headlines in the Crypto World? 📰

Stay up to date with the latest news with these trending posts:

• 👉 UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg
• 👉 DeFi Platform Earning Yield by Shorting Ether Attracts $300M
• 👉 Swiss Crypto Hedge Fund Tyr Capital Clashes With Client Over FTX Exposure: FT

These articles cover a range of topics, from upcoming stablecoin and staking regulations to the captivating story of a DeFi platform earning yield by shorting Ether. There’s never a dull moment in the crypto world!

Edited by Sheldon Reback.

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🌐 References:

1. Ether, the second-largest cryptocurrency by market value, reached levels not seen for almost two years on Monday
2. Ethereum rollup Starknet initiated the distribution of 728 million tokens
3. Demand for Bitcoin (BTC) exchange-traded funds accelerated again last week
4. Chart of the Day: Active ether futures contracts on the CME
5. UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg
6. DeFi Platform Earning Yield by Shorting Ether Attracts $300M
7. Swiss Crypto Hedge Fund Tyr Capital Clashes With Client Over FTX Exposure: FT

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Hey readers! What are your thoughts on Ether’s meteoric rise? Are you excited about the potential approval of spot ether ETFs in the U.S.? Let us know in the comments below! And don’t forget to share this article with your friends on social media. The crypto revolution is too good to keep to yourself! 🚀✨

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