Positive developments in relation to the Ethereum ETF have shifted the sentiment of the cryptocurrency market. Bitcoin (BTC), which briefly regained the $71,000 mark, was followed by a surge of over 30% for ETH in the charts. Shiba Inu, a Shiba asset (SHIB), also experienced significant gains.
Also Read: Shiba Inu: Top 3 Things That Can Take SHIB To $0.001
There is speculation about a possible spot Ethereum ETF. The US Securities and Exchange Commission has yet to give its approval. financial Watchdog is expected to approve one or several spot ETFs in the second half of this year. The crypto market could see another surge if a spot ETF is approved. This was the case after the SEC approved 11 spot BTC-based ETFs. BTC reached an all-time record thanks to ETF inflows. An ETH ETF may also show a similar pattern.
How far can Shiba Inu go (SHIB), if the spot Ethereum ETF was approved?
Ethereum could reach a record high if the US SEC approved a spot ETF. Other altcoins like SHIB may reach new heights in such a scenario.
Also Read: Shiba Inu vs Dogecoin: ChatGPT Picks 2024 Summer Winner
CoinCodex also predicts that Shiba Inu’s (SHIB). price could reach an all-time record in June. Platform predicts that SHIB will reach $0.00008897 by June 19, 2024. The platform predicts that SHIB’s price will reach $0.00008897 on June 19, 2024.
Also Read: Shiba Inu: Analyst Predicts SHIB’s Price if Bitcoin Hits $250k
Changelly expects SHIB’s rally to continue in June. On June 17, 2024 the platform expects dog-themed cryptocurrency to reach $0.00008226, close to its all-time highest of $0.00008616.
These two predictions are likely due to speculation around the ETH spot ETF. The SEC may approve one or several ETH-based ETFs. This could lead to another similar bull run as in 2021.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru