The heat is on in the cryptocurrency scene this week, with Ethereum (ETH) taking the spotlight as the second largest crypto by market value, just behind Bitcoin. Its price has surged by over 20% in the past two days, currently standing at $3,779 per ETH.
A key factor driving the price of ETH is the news that several investment firms have applied for an ETF fund with Ethereum as the underlying asset, similar to the approved Bitcoin ETF back in January. There are reports suggesting that the SEC may greenlight this ETF as well.
The increase in ETH price has also had a positive impact on Bitcoin, with its price reaching around $71,000 per BTC compared to the previous high in March at $73,803.25.
Source: Reuters
TLDR: Ethereum’s price surges following news of potential Ethereum ETF approval, boosting Bitcoin as well.
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