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BTC$97900
ETH$3437
BNB$676
XRP$2.3
The cryptocurrency market surged over 8% in the past 24 hours amid speculation that U.S. regulators might approve a spot Ethereum ETF. Bloomberg analysts Eric Balchunas and James Seyffart increased the likelihood of approval to 75%, up from 50%. Reuters reported that the U.S. Securities and Exchange Commission’s (SEC) request for Nasdaq and the Chicago Board Options Exchange to adjust their applications for listing Ethereum spot ETFs also boosted market sentiment.
The SEC’s decision on VanEck’s Ethereum spot ETF application is due on May 23, followed by Ark Invest/21Shares on May 24.
Ethereum’s current trading price is $3,765.82, up 21.7% overnight, 30.1% over the past week, and 65% in 2024. The second-largest cryptocurrency is currently trading just 23% below its all-time high of $4,891.70 recorded in November 2021. The 24-hour trading range was between $3,831.30 and $3,078.06.
This remarkable rebound helped Ethereum increase its cryptocurrency market dominance from 15.3% a day ago to 17.2%. Currently, Ethereum ranks 24th globally in all assets published by companysmarketcap.com.
With political reasons driving the U.S. to support cryptocurrency sentiment, the total cryptocurrency market cap rose from $2.42 trillion the previous day to $2.61 trillion and reached a recent high of $2.74 trillion in March 2024. The 24-hour trading volume also jumped by 164%, reaching $158 billion overnight.
Lido DAO (LDO), ranked 56th, saw a nearly 40% overnight increase, while Meme coin Pepe (PEPE) and Bonk (BONK), ranked 24th and 53rd respectively, rose nearly 35%. Additionally, 33 of the top 100 cryptocurrencies had overnight gains of more than 10%.
Bitcoin is currently trading at $70,558.65, with an overnight increase of 5.2%, a weekly gain of 14.5%, and a year-to-date increase of over 66%. In the past 24 hours, Bitcoin traded between $71,946.46 and $66,767.93.
The second-largest cryptocurrency is currently trading just 4% below its all-time high of $73,750.07 set in March 2024.
BNB (BNB), ranked fourth, rose 7.4% overnight, trading at $614.08. Solana (SOL), ranked fifth, increased by over 1% in the past 24 hours, trading at $178.95. XRP, ranked seventh, rose over 6% overnight, trading at $0.5441.
Dogecoin (DOGE) soared 11.1% overnight, trading at $0.1687. This impressive rebound also helped it move up to the eighth position overall, causing Toncoin (TON) to drop a notch. Toncoin (TON), ranked ninth, fell 0.94% in the past 24 hours, trading at $6.36.
Cardano (ADA), ranked tenth, rose 7.1% overnight, trading at $0.5011. Avalanche (AVAX), ranked 11th, surged 12.9% in the past 24 hours, currently trading at $40.56. Shiba Inu (SHIB), ranked 12th, also soared 8.3% in the past 24 hours.
Arweave (AR), ranked 43rd, plummeted 5.6% in the past 24 hours, the largest drop among the top 100 cryptocurrencies. Gala (GALA), ranked 64th, fell 4.8%, and Jupiter (JUP), ranked 61st, fell 1.1%, the only other cryptocurrencies in the top 100 to post overnight losses of more than 1%.
Despite the Ethereum ETF frenzy, XRP (XRP), ranked seventh, Cardano (ADA), ranked tenth, Polkadot (DOT), ranked 13th, and Polygon (MATIC), ranked 18th, continue to trade with year-to-date losses of over 5%.
Sentiment: Neutral
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