Ethereum’s Price has reached a new two-month record of over $3900, less than one week after US Securities and Exchange Commission’s (SEC) approved Nineteenb-4 documents for exchange traded funds (ETFs) that are related to digital assets.
Ethereum has had a positive week, outpacing all 10 of the most valuable cryptocurrencies. During this reporting period, ETH’s value increased approximately by 27%. Bitcoin A modest 2% gain was recorded.
The New ATH
Many stakeholders have highlighted how spot Bitcoin ETFs have catalyzed an increase of 70% surge in BTC prices Believe that ETH could have a similar price trajectory to a new high.
Experts noted that ETF approval demonstrated that cryptocurrency had become more accepted as a viable investment. financial The asset class would see more institutional adoption.
MicroStrategy executive chairman Michael Saylor This view was confirmed in a recent appearance on a podcast. According to him the approval for an ETH ETF legitimized the industry further, encouraging institutions to increase their capital allocation to digital assets. Saylor recently said that Ethereum ETFs will never be approved, and Ethereum would not be labeled as a security.
Meanwhile, Arthur CheongDeFiance Capital was founded by. said ETH is expected to reach $4.500 by the time the ETFs are traded, as it currently has a low representation in crypto-asset portfolios.
JPMorgan, the bank giant, has announced that it will be launching a new banking service. predicted The ETF is expected to launch just before the US Presidential elections.
Pectra upgrade
The upcoming Pectra cryptocurrency is another major factor that will fuel ETH’s growth. upgradeWhich core developers will be participating in the? launch First quarter, next year.
Pectra, Ethereum’s cryptocurrency next Major upgrade After the successful implementation Dencun In March. This update aims at improving the Ethereum Virtual Machine with the Ethereum Virtual Machine Object Format and contains 11 improvements proposals.
The developers also said that the Account Abstraction would be replaced. EIP-3074 Ethereum Co-Founder, Ethereum EIP-7702 has introduced a new and more advanced EIP-7702 Vitalik Buterin. The EIP-7702 allows Externally Owned Accounts to act as wallets for smart contracts during transaction, streamlining user experience and increasing security.
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Source: cryptoslate.com