ETFs
Ethereum ETF: A Potential Catalyst for New All-Time Highs?
THE the cryptocurrency market saw renewed interest in 2024motivated in part by the recent approval of Ethereum ETF by the United States Securities and Exchange Commission (SEC). This regulatory measure allowed new investors to access Ethereum, the second largest cryptocurrency, which saw an increase of 1.21% following the announcement.
In response to the ETF approval, Benzinga conducted a poll on to assess at what prices investors could sell their Ethereum.
The survey found that 50% of respondents would sell their Ethereum if it exceeded $10,000, while 23.6% would consider selling it at $5,000. Additionally, 26.4% of respondents indicated they would hold Ethereum regardless of its price.
Ethereum hit an all-time high of $4,891.70 on November 16, 2021 and has traded as high as $4,092.28 over the past year. Despite the positive momentum resulting from the ETF approval, Ethereum has yet to reach new all-time highs. However, the survey results suggest that many investors believe in Ethereum’s long-term potential and are waiting for higher prices before selling.
The approval of Ethereum ETFs follows the SEC’s approval of Bitcoin ETFs in January, which helped the crypto reach new all-time highs earlier this year. This backdrop offers promising prospects for Ethereum, as similar regulatory approvals have historically acted as important catalysts in the cryptocurrency market.
This week, Ethereum is trading at $3,840.64, in a 52-week range of $1,523.24 to $4,092.28. The cryptocurrency has seen an increase of 62.9% year-to-date and 100% over the past year, although it still lags behind Bitcoin’s respective returns of 53.4% and 141.5%.
Growing interest in digital assets, particularly following the approval of Ethereum ETFs, highlights the importance of industry events where executives can discuss and navigate these trends. The Future of Digital Assets According to Benzinga The event, scheduled for November 19, 2024, at Convene 225 Liberty Street, New York, is expected to be a pivotal gathering.
This one-day event allows attendees to network extensively, participate in one-on-one meetings, and participate in panel discussions and discussions with industry celebrities.
The approval of Ethereum ETFs marks a significant milestone that could attract new investors and potentially propel the cryptocurrency to new heights. With many investors waiting for higher prices, future market movements will be closely watched.
Benzinga’s upcoming Future of Digital Assets event provides a critical forum for understanding and preparing for these developments, providing valuable insights and networking opportunities in the rapidly evolving digital assets landscape.
Photo: Shutterstock
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