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Is Ethereum ready to take off?

July, 10 2024
watermark Economic news

While Bitcoin, the world's first largest cryptocurrency, soared to record heights thanks to new American exchange-traded funds, Ethereum remained in the shadows. However, as we approach the launch of our own ETF funds, Ethereum may finally get its finest hour.

Market experts predict that the price of ether may exceed its historical maximum of $4,867.60, set in November 2021. The current quote of the Ether is $3086.91. 

Thomas Perfumo, head of strategy at the Kraken crypto exchange, notes that Ether has about half the amount of spot liquidity compared to bitcoin. This means that in order to have the same price impact on Ether, fewer dollars are required to enter the market.

Despite the optimism, the crypto markets remain volatile. The recent sale of tokens from the inactive Japanese exchange Mt. Gox has made unexpected changes, hitting both bitcoin and Ethereum. Other factors, such as the interest rate policy of the US Federal Reserve and the upcoming presidential election, may also affect cryptocurrencies.

The situation on the cryptocurrency market may change in the coming weeks, when Ethereum ETFs finally appear on the market. 

Despite the fact that the new Ethereum ETFs do not expect the same enthusiasm from investors as the spot bitcoin ETFs, which attracted approximately $38 billion in assets as of the end of June, they can still have a significant impact on the market.

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