After a long process, the eagerly awaited spot Bitcoin ETFs have finally started trading in the United States. With this step, particularly due to volume records in ETFs, many assets in the cryptocurrency market surged, with the best crypto projects seeing increases of up to 10%.
What Happened in the Last 24 Hours?
Some of the largest crypto assets by market value have seen double-digit growth in the last 24 hours, as crypto investors around the world welcomed the decision by the US Securities and Exchange Commission (SEC) to approve spot Bitcoin ETF applications on the night of January 11. The SEC approved a total of 11 ETF products traded on the NYSE, Nasdaq, and Cboe exchanges.
With all these developments, popular crypto assets experienced a rapid rise. Ethereum, the second-largest cryptocurrency by market value, managed to rise by 12% in the last 24 hours, although this momentum was lost at the time of writing. This momentum came especially after Bloomberg Intelligence analyst Eric Balchunas said that the likelihood of a spot Ethereum ETF application being approved in May was 70%.
According to Tradingview data, Solana rose by 14%, XRP by 11%, and Cardano and Avalanche by more than 20%, while other top projects also showed increases of more than 10%, but this rise quickly lost momentum.
Focus on Ethereum ETF Applications
The rise in XRP followed the announcement on January 10 that Ripple Labs planned to buy back shares worth $285 million from early investors, valuing the company at $11.3 billion. Before the ETFs began trading on January 11, CNBC analyst Jim Cramer shared the following statement:
“This is a win because people want this. They didn’t want a situation where their money is in a bank and disappears overnight.”
Following these developments, significant claims continue to emerge regarding ETF products. The first claim came for Ethereum. According to many analysts, following the successful completion of the spot Bitcoin ETF process, a similar development could occur for Ethereum.
