🗣️🔥📈Ethereum ETF Approval To Potentially Triggers Up to 60% Rally in Ethereum Price
According to QCP Capital, a Singapore-based firm, the possible approval of spot ether $ETH exchange-traded funds (ETFs) in the U.S. could result in a rally of up to 60% for the second-largest cryptocurrency in the coming months. This prediction was shared during a Telegram broadcast on Thursday.
QCP Capital believes that the market reaction to the potential spot bitcoin ETF approvals in January could be mirrored in the case of ether. Following the approval of spot bitcoin ETFs and their subsequent trading on January 11, the price of bitcoin experienced a surge from $42,000 to over $73,000 within two weeks, as indicated by CoinGecko data.
With the implied volatility for Friday surpassing 100%, market participants are anticipating significant market activity. QCP Capital further noted that VanEck's ETF has been listed by the Depository Trust & Clearing Corporation (DTCC), suggesting that approval is likely imminent, with trading expected to commence as early as next week.
Implied volatility serves as an indicator of the market's anticipation of future price fluctuations for an asset. With the heightened volatility surrounding ether, the potential approval of spot ETFs is expected to significantly impact the cryptocurrency's price trajectory in the near future.
