Anticipation and excitement are mounting in the cryptocurrency market with the expected approval of a spot Ethereum (ETH) exchange-traded fund (ETF). Ahead of today’s decision, key figures in the crypto space, such as economist Alex Krüger, are drawing attention with their significant remarks. Krüger’s comments have particularly captured the market’s interest.
Will Ethereum Hit New Highs?
Alex Krüger, a well-known economist in the cryptocurrency community, suggested that the approval of a spot ETH ETF could swiftly propel Ethereum to new all-time highs (ATHs). Speaking on a recent podcast, Krüger noted that the market has yet to price in the potential ETF approval. He predicted that Ethereum could climb to 0.070 BTC (approximately $4,865) in the ETH/BTC pair within a few months.
Krüger emphasized that the likelihood of the ETF’s approval could lead to rapid price increases, stating, “The market is not ready for this.” He pointed out that Ethereum has been undervalued and criticized in the current cycle, which is reflected in its price. He believes the ETH/BTC ratio could rise quickly to 0.070 BTC.
Additionally, Krüger expressed confidence that various institutions are prepared to invest in ETH ETF products once the approval is granted, noting a substantial demand for such investment opportunities.
What Is Ethereum’s Current Price?
At the time of writing, Ethereum’s price rose by 1.83%, reaching $3,806. The market capitalization exceeded $450 billion, hitting $456 billion. Meanwhile, the 24-hour trading volume surged by 23.81% to $32 billion, ahead of the anticipated ETF approval.
In the ETH/BTC pair, Ethereum was trading at 0.056 BTC. The cryptocurrency achieved its all-time high of $4,900 in November 2021.
Key Takeaways
– Experts foresee a near-term Ethereum ETF approval.
– Krüger predicts ETH could swiftly reach new ATHs.
– Ethereum is currently trading at $3,806 with a market cap of $456 billion.
In summary, the potential approval of a spot ETH ETF is generating significant buzz in the cryptocurrency market, with prominent figures like Alex Krüger predicting substantial price gains for Ethereum.