Possible Ethereum ETF approval leads to surge in ETH ecosystem coins
Today’s top-performing cryptocurrencies have experienced significant surges in value as the probability of an Ethereum ETF approval has risen from 25% to 75%. This increase in likelihood came after Fidelity updated its filings and Nasdaq and CBOE requested updates.
Leading the pack is PEPE, which has reached a new all-time high of $0.00001271, marking a 30% increase on Tuesday. Its trading volume has skyrocketed by 411%, and its market cap is now slightly over $5 billion, placing it in the top 25 cryptocurrencies. Investor Jameson explained on X that PEPE is aiming for a price increase similar to the 2021 DOGE pump.
Lido DAO (LDO) is the second top gainer, with trading volume up by an impressive 483.24% and a 24-hour volume exceeding $505 million. The price of LIDO has risen by approximately 40%, reaching $2.37. Lido DAO is the leading staking option for the Ethereum ecosystem, allowing investors to stake ETH and receive stETH.
BONK has surged by 24.56% in the last 24 hours, trading at $0.000034174. This gain reflects a broader upward trend in the meme coin sector, with its market capitalization increasing by 24.57% to $2.03 billion. Bonk’s trading volume has soared by 289.62% to $1.35 billion, highlighting its growing market activity. Notably, BONK is unique among the top gainers as it is a Solana meme coin.
Arbitrum (ARB) has seen a 23% price increase to $1.21 in the past 24 hours. It now ranks 37th in terms of market cap, also experiencing a 23% increase to just below $3.2 billion. Black Sheep Crypto Trading, a well-known cryptocurrency analyst on X, recently analyzed a chart of ARB and suggested that $0.99 would be an optimal entry point for a long position, with subsequent targets at $1.27 and $1.42. The analyst also noted that intraday traders may consider entering long positions at $1.04, particularly if Bitcoin (BTC) undergoes a leverage flush.
Lastly, Uniswap (UNI) has witnessed a price surge of over 21% on Tuesday, pushing its value to $9.34 with a market cap of $5.6 billion. Furthermore, the trading volume has increased by 182.08%, totaling $418.5 million. Uniswap is the leading decentralized exchange on the Ethereum network, enabling the trading of meme coins and other cryptocurrencies. In April, the U.S. SEC issued a Wells notice to Uniswap, warning of an impending enforcement action, but this has not deterred traders and investors.
Read more: Is it a good time to invest in Bitcoin stocks as institutional adoption continues to rise?
