Ethereum (ETH) saw a surge in its price that displayed a better performance than Bitcoin’s (BTC) following the recent buzz on the exchange-traded funds (ETFs) plans by BlackRock. Both these major currencies witnessed a surge in their price as ETH reached a fresh high in the past 24 hours.
Bitcoin rallied to the $38,000 level before its correction as Ethereum soared to $2,000. The news also affected Altcoins as the BlackRock ETF plans were unveiled on Thursday. ETF-awaited news has been anticipated for a while, and investors are gaining more confidence in cryptocurrencies, showcased by the growing influx of both retail and institutional investors.
Ethereum leads the crypto market value surge
Ethereum witnessed a surge in its price by 10% after the revelation of BlackRock’s flinging for an Ethereum-based exchange-traded fund (ETF) that was revealed by a Nasdaq filing on November 9. This report enticed the entire crypto community, and enthusiasts and investors alike took this news positively.
The background laid by BlackRock on its plans of listing the Ethereum ETF boosted ETH’s price from its consolidation below the $1,900 mark.
ETH saw a rise to $2,100 after the report filing and is currently priced at $2,120 at the time of writing, placing a 10.31% increase in the past 24 hours. Its market cap also increased by 10.27%, with a 208.43% increase in dialysis trading volume.
Ethereum topped Bitcoin early on November 10 after the iShares Ethereum Trust filing registered in Delaware state. The state is a central point for most businesses in the United States. According to historical market analysis, a similar incident was witnessed in June when the same firm, BlackRock, announced its iShares Bitcoin Trust registration.
This ETF registration came before the actual application, which also affected Bitcoin’s market value, as the recent frenzy witnessed in October is linked to the application proceedings.
Influence of the ETF news on the crypto market
History repeats itself as the same happenings were witnessed on Thursday, a few hours after the Delaware Ethereum ETF filing that was confirmed by the Nasdaq filing. The filing highlights BlackRock’s intentions of focusing on an ether-based ETF.
James Seyffart, a Bloomberg ETF analyst, expressed his views on the ETF plans and recorded this surge after the submission of a 19b-4 filing by Nasdaq.
In a short time squeeze between the early hours of November 9, it reached an 18-month fresh high just shy of $38,000 from its recent tag valued at around $35,000, following the BlackRock ETF news.
Bitcoin is currently tagged at $36,724 at the time of writing, with a 0.63% daily increase. Its market cap also increased by 0.65%, with a 66.56% gain in daily trading volume. From this information, it is clear that Ethereum outperformed Bitcoin based on its daily gain, trading volume, and increased market cap percentage.
Other altcoins were affected by this news, but not as expected from the last info analyzed during the spot Bitcoin ETFs filing by BlackRock, which saw their prices rally with Bitcoin’s.
The recent ETF plans did not affect altcoins as their prices retreated, among them being Ripple‘s XRP, which declined by -3.65% based on market analysis today. Its price is valued at $0.667, with a decrease in market cap by -3.55%.
Dogecoin (DOGE) recorded a decline of -3.50% with a price of $0.07376, while Toncoin (TON) decreased 10% from its 20% rally recorded last week. Stella also stands at a price decline of -5.99% at its market value of $0.08588 at the time of writing, with a 120.63% increase in trading volume in the past 24 hours.
According to CoinGecko, the global crypto market cap is currently $1.45 trillion. This represents a 1.42% change in the last 24 hours and a 54.37% change from a year ago. Bitcoin’s market cap is at $715 billion, reflecting a 49.45% dominance. Meanwhile, the market cap of stablecoins is $126 billion, accounting for 8.75% of the total crypto market cap.
