ETH Rallies 29% in a Week as Market Reacts to Potential Spot Ether ETF Approvals

TL;DR

• Ether is the best-performing cryptocurrency in the top 10 after adding roughly 30% to its value in the last seven days.

• The rally comes as the market reacts to potential spot ETF approvals.

ETH Rallies on Spot ETF Approval Possibility

Ether, the second-largest cryptocurrency by market cap, is the best performer amongst the top 10 by market cap in the last seven days. The coin has added 29% to its value during that period, outperforming BTC and the other major cryptocurrencies.

At press time, Ether’s price stands at $3,751, up by 3% in the last 24 hours. Its rally comes as BTC and others shed some gains following Tuesday’s rally. 

Ether’s pump comes as the market reacts to potential spot Ether exchange-traded funds (ETF) approvals in the United States. Earlier this week, the U.S. Securities Exchange Commission reportedly requested at least three securities exchanges revise their applications to list spot ether ETFs.

It remains unclear if the SEC will approve spot Ether ETFs. despite that, the market has responded to issuers’ and security exchanges' recent actions, with Ether rallying by 29% in the last seven days.

So far, Fidelity Investments has amended its S-1 registration with regulators on Tuesday morning. Grayscale Investments also dropped its staking proposal in its proposed spot ether ETF.

While Ether rallied higher, the broader crypto market slightly retreated following its positive performance earlier this week. The total crypto market cap has dropped to $2.58 trillion, down by 0.5% in the last 24 hours.