The highly anticipated spot Bitcoin Exchange-Traded Funds (ETFs) have started trading in the United States, leading to significant volume records in the ETF sector and propelling many cryptocurrencies to rise, with top crypto projects seeing up to 10% increases.
Following the U.S. Securities and Exchange Commission’s (SEC) approval of 11 ETF products on January 11, major cryptocurrencies experienced double-digit gains in the past 24 hours, reflecting positive investor sentiment worldwide.
Ethereum, the second-largest cryptocurrency by market value, surged 12% within the last day, although the momentum slowed at the time of writing. This increase came after a Bloomberg Intelligence analyst predicted a 70% chance of approval for a spot Ethereum ETF in May.
Tradingview data showed significant gains for Solana, XRP, Cardano, and Avalanche, each climbing over 20%, with other top projects also registering more than 10% growth, although the surge lost momentum shortly after.
The rise in XRP’s value was linked to Ripple Labs’ announcement of a buyback of shares worth $285 million at a valuation of $11.3 billion. Meanwhile, attention is turning to potential Ethereum ETF applications, with analysts suggesting that the successful launch of Bitcoin ETFs could pave the way for Ethereum-based ETFs in the future.
