The world’s second-biggest cryptocurrency by market capitalization, Ethereum (ETH), has surpassed the $3k resistance threshold yesterday afternoon, according to data by Coinstats.
Due to its high-functionality contracts, Ethereum is crypto’s most commercially successful blockchain.
If we go by total value locked (TVL), according to DefiLlama, the amount of money strapped into the network is currently an eye-watering $48 billion, up 50% from 30 days ago.
Ethereum’s biggest rival, market leader Bitcoin (BTC), is down more than 2% in the last 7 days. It fell 1% in the last 24 hours.
Binance’s BNB is the only other one of the ten biggest cryptocurrencies by market cap posting a rally today. BNB is up 10% in the last seven days and currently trades for $387.37.
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A couple of other top projects are down, including Avalanche (AVAX), Cardano (ADA) and Solana (SOL). All of them have fallen more than 8% short of their prices this time last week.
Ethereum’s resilience to the broader market-wide pullback could be attributed to anticipation over spot Ethereum ETFs coming soon.
In January, the US Securities and Exchange Commission (SEC) approved ten different spot Bitcoin ETFs to begin trading on exchanges.
ETFs are regulated investment products that buy, store, and track the price of their underlying asset.
The Bitcoin ETF narrative was the main driver of crypto prices before and after the round of SEC approvals on January 10 this year.
The SEC has given companies applying for a US spot Ethereum ETF a deadline of May 23 this year.
Several in the industry believe that this is the date when the agency will make a round of approvals, based on historic precedent.
Ethereum’s ETH Can’t Mine Bitcoin
Ethereum’s ETH coin can work many wonders. The world of DeFi offers holders various opportunities to put it to work generating yields, but one Ethereum token rewards holders with Bitcoin.
Bitcoin Minetrix (BTCMTX) is an ERC-20 token that has raised over $11.4 million in an ongoing presale from excitement thanks to its promising utility.
Bitcoin Minetrix employs Ethereum smart contracts to turn investors’ BTCMTX tokens into cloud mining machinery. The more tokens investors stake, the more cloud mining credits they’ll receive.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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