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Strike Gold by Sharing Your TradFi Orders and Pictures!
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Ethereum Classic (ETC) cryptocurrency and Ethereum Name Service (ENS) token are emerging as winners against the backdrop of the launch of spot bitcoin (BTC) ETFs in the United States.
Within the top 100 by market capitalization, both digital assets are positioned as the ones that have had the highest price increase in the last 24 hours.
The price rise can be explained by the fact that the U.S. Securities and Exchange Commission (SEC) considers both bitcoin and ether (ETH), Ethereum's cryptocurrency, to be commodities (and not securities). The approval of a bitcoin ETF is practically a guarantee that, in a few months, ether ETFs will also be approved.
Therefore, coins somehow pegged to Ethereum (if only in name) rose in price. The positive response from Ethereum Classic and Ethereum Name Service suggests that at key market moments, the most prominent crypto-related projects may see notable increases.
Yesterday, 11 spot bitcoin ETFs were launched. This has created an atmosphere of optimism and opportunity-seeking across the crypto sector, as much of the market has turned green at the start of this day.
Meanwhile, investors are closely watching whether this uptrend for altcoins will continue or if it is a temporary phenomenon tied to the recent launch of the bitcoin ETF.