Ethereum applications lead the way in gains prior to ETF announcement
According to CoinMarketCap, the native tokens of various Ethereum applications are taking the lead in the market, surpassing spot Bitcoin ETF approval day. Lido DAO (LDO) is currently the top gainer on the charts, with a live price of $3.80 and a 24-hour trading volume of $385 million, representing a 16.1% increase. This surge in value is attributed to trader optimism surrounding the potential approval of an Ether exchange-traded fund (ETF), following the expected approval of a Bitcoin ETF in the United States.
The approval of BlackRock’s iShares Ethereum Trust, a spot Ether ETF, may pave the way for other Ethereum-based applications. Rocket Pool (RPL), a decentralized Ethereum staking pool offering competitive annual percentage rates (APR) for ETH2 staking, has also seen an increase in value. Its live price currently stands at $31.76, with a trading volume of $22 million, indicating a 14.9% increase in value over the last 24 hours.
Arbitrum (ARB), an Ethereum layer-two (L2) scaling solution utilizing optimistic rollups to improve speed, scalability, and cost-effectiveness on the Ethereum network, takes the third spot. Its live price is currently $1.94, representing a 12.1% increase in value.
Given the significant market volatility this week due to ETF updates, investors are making strategic moves in the cryptocurrency space.
