BTC - Why Crypto's Altcoins Popped This Week
2024-05-24 16:45:26 ET
An Ethereum (CRYPTO: ETH) exchange-traded fund (ETF) was approved this week, and that could open a floodgate of ETFs and funding for the crypto industry. At least that's what the market was speculating this week.
According to data provided by S&P Global Market Intelligence , Uniswap (CRYPTO: UNI) was up as much as 28% over the past week, while Lido Staked Ether (CRYPTO: STETH) was up 25.3% and Arbitrum (CRYPTO: ARB) was up 17.9%. The three tokens are currently trading up 21.7%, 18.9%, and 11.2%, respectively as of 3:30 p.m. ET on Friday.
This week, the U.S. Securities and Exchange Commission, or SEC, approved a spot Ethereum ETF, following the approval of Bitcoin (CRYPTO: BTC) ETFs earlier this year. This was a bit of a surprise to the industry because there have been questions as to whether or not Ethereum would be seen as a commodity or a security. If it was a commodity, like Bitcoin, an ETF makes sense, but a security wouldn't have been approved.
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Why Crypto's Altcoins Popped This Week