Bitcoin and Altcoins Soar with Ethereum: Why Are Prices Rising?
Bitcoin, Ethereum and the cryptocurrency market are experiencing a massive increase as confirmation expectations from ETF analysts rise.
Prices started to rise sharply after James Seyffart and Eric Balchunas, the two most followed Bloomberg ETF analysts in the cryptocurrency market, increased their exchange-traded fund (ETF) approval expectations for Ethereum from 25% to 75%.
Eric Balchunas made the following statements in his post on Twitter:
James Seyffart and I put the odds of spot Ethereum ETF approval at 75%. We heard talk today that the SEC would turn 180 degrees on this issue. Now everyone is trying. We limit the approval probability to 75% until we see file updates.
This post created such a stir in the cryptocurrency market that ETF approval had come. Ethereum price increased by nearly 20% from its $ 3,100 level at the time of sharing, reaching $ 3,710. In Bitcoin, although this rise remained more limited, the price approached its all-time high and reached $71,464.
In parallel with these developments, greening was observed in the cryptocurrency market in general.
The target in Ethereum is 4 thousand dollars
In the report published yesterday, QCP Capital wrote information as if it had sensed the increase in the probability of approval. Stating that May 23 was the deadline for the joint Ethereum ETF of VanEck and May 24 of Ark Invest and 21Shares, QCP Capital said that if the SEC approves, ETH will multiply Bitcoin. QCP also stated that in case of approval, the price will reach 4 thousand dollars.
According to CoinGecko data, Bitcoin is traded at $71,337 at the time of writing, while Ethereum is traded at $3,678.