The historic and hotly anticipated approval of the Bitcoin Spot Exchange Traded Fund (ETF) blocked the sun for the rest of the crypto solar system this week, and fueled many headlines on cryptocurrency.
All the theories and analysis of what the approval means for the top cryptocurrency price have finally been put to the test. Up or down? Is it worth it or not? Will Bitcoin enter the next phase of its evolution or will it simply transition? After all, Bitcoin spot ETFs aren't exactly new outside of the US
To the question of up or down, the answer so far is both: Bitcoin price hovered in a crowded $49,000 range when the ETF was approved. A day later, however, it was back to $43,000 — a neighborhood it had hovered around for some time.
Now trading below $43,000, Bitcoin is down 2% from seven days ago. Last month, BTC was completely flat. But hodlers are still happy to see Bitcoin up more than 120%.
Multi-year “distant second” Ethereum has seen more green candles, in contrast, partly because of the “when ETH ETF?” Assuming there is now a version of Bitcoin. Ethereum hit an 18-month high of $2,700 yesterday.
ETH is changing hands today at $2,568, up about 1% from yesterday. But last week, it rose more than 14%, and over 12% last month. One year return is about 80%. Ethereum skating networks also had a strong week, with Arbitrum (ARB) up 22% and Optimism (OP) up 16%.
Elsewhere in the 5, Binance Coin (BNB) is down less than 2% this week as Solana posts a 2% gain. Some other crypto bright spots include Tezos (XTZ) and Stacks (STX), both posting double-digit percentage gains last week.
Interestingly, Ethereum's name service and its ENS token – the best week on the back of the market value of the top 100 cryptocurrencies, have increased by almost 75% in the last seven days.
Edited by Andrew Hayward.
Stay on top of crypto news, get daily updates in your inbox.
