Ethereum outperformed Bitcoin, Will ETH SPOT ETF Play a major role for the market?
If you are following the market then you might be amazed by the current market movement as well. When I say that I talk about Bitcoin and Ethereum as they both are the one who jumped insanely in last two days itself. Bitcoin showed a move prior to Ethereum as we saw it climbing from 61k to 66k and then it broke that mark of 66-67k and climbed above the 70k mark where it just landed before the 72k. For Ethereum we were not seeing any big moves for quite some time but with this move of bitcoin Eth also made a massive move.
We saw Ethereum pumping by more than 20% in a single day which is not a joke. From $3000 to $3800 Eth shocked everyone as no one was expecting that move by the second champ of crypto market. If you will ask me the reason then I can simply tell you that this is all because of the importance of next two days where we will get to know the decision of SEC on the proposals of Eth Spot ETF's.
Few days back in a blog I read how everyone was already living with the sentiment that the ETF's will not be approved and I also saw how firms made some changes in the ETF's proposal so that they will not face issues with the approvals on 23rd May. One of those big changes were removing the staking option from the proposal, I would suggest you to go to decrypt and see their publications for more info about the same.
Now concluding the blog, we can say that within next 48 hours where we will get the decision of Ethereum spot ETF makes it a really important time for the market. Specially for the ETH and alts as this decision will impact these two markets only. Bitcoin should not be impacted as it has no reason and we have not seen it's dominance struggling anymore.
Yes as there are now speculations that the ETF's might get approved we can see ETH outperforming bitcoin and if that really happens on 23rd May then we will witness the short term mega bullish moves by Ethereum and the L2's of Ethereum for sure. I think ETF's will get approved but only time will tell if that is going to happen or not.
Thank you