The excitement surrounding Bitcoin Exchange-Traded Funds (ETFs) has persisted, even into the weekend, following the recent approval of the first applications for Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC).
Despite a slight pullback in Bitcoin’s price, investor confidence in top cryptocurrencies remains robust. Data from the on-chain analytics platform Santiment reveals that Ethereum and other major cryptocurrencies are experiencing exceptionally high levels of optimism.
Ethereum takes the lead
While Bitcoin has been the center of attention, Ethereum has quietly made significant gains. Ethereum, one of the largest cryptocurrencies by market capitalization, has witnessed a price surge following the approval of Bitcoin Spot ETFs.
Traders have displayed strong bullish sentiment towards Ethereum, with the cryptocurrency now leading the market in terms of sentiment. Ethereum’s sentiment and discussion rate have reached their highest levels since November 2021, as traders eagerly discuss the potential approval of Ethereum Spot ETFs in the near future.
XRP also gains momentum
The excitement surrounding spot ETF approval has extended to XRP, with its sentiment and discussion rate at their highest levels since May 2023. In a recent interview, Steve McClurg, Chief Investment Officer of Valkyrie, indicated that an XRP ETF could be on the horizon.
On the other hand, Cardano (ADA), despite experiencing a 5% growth in the past seven days, Cardano (ADA) has largely remained on the sidelines regarding the discussion rate. Positive sentiment for Cardano is currently at its usual level, suggesting that the cryptocurrency is not experiencing the same level of attention and optimism as Bitcoin, Ethereum, and XRP.
Bitcoin dominates the spotlight
Bitcoin has been the focal point of discussions in the cryptocurrency market, particularly with the performance of the 11 newly introduced spot ETFs during their first two days on the market. According to Santiment, Bitcoin’s sentiment and discussion rate have been at their highest levels since March 2023, reflecting the cryptocurrency’s heightened interest and enthusiasm.
Following the launch of Bitcoin spot ETFs, the price of Bitcoin initially surged, surpassing $48,600 for the first time since April 2022. However, Bitcoin subsequently experienced a minor decline and is currently trading at $42,900. Despite this pullback, many analysts and investors anticipate a potential price surge for Bitcoin in the coming weeks.
In contrast, Ethereum has maintained its positive price momentum and has outperformed Bitcoin. The ETH/BTC pair has risen from 0.05085 on January 10th to 0.06117 on January 12th, underscoring Ethereum’s strong performance relative to Bitcoin. As of the time of writing, the ETH/BTC pair is at 0.05935, and Ethereum’s price has surged by over 14% in the past week, holding firm above the $2,500 resistance level and currently trading at $2,550.