BTC - Why Ethereum Ethereum Classic and Lido Staked Ether All Popped This Week
2024-01-12 16:16:00 ET
The cryptocurrency space has become a rather intriguing one to follow, particularly over the past week. For investors looking at the impressive moves made by Ethereum (CRYPTO: ETH) , Ethereum Classic (CRYPTO: ETC) and Lido Staked Ether (CRYPTO:STETH), one might surmise that everything is sunshine and rainbows. After all, as of 3:30 p.m. ET, these three cryptos surged 16.3%, 47.3%, and 16.7%, respectively, over the past week.
However, it's also the case that Bitcoin (CRYPTO: BTC) is actually trading exactly flat this week over the same time frame. After surging more than 10% to a multiyear high of more than $48,500 this week, Bitcoin has since given up all its weekly gains, trading back to the $43,800 level at the time of writing.
This move follows the highly anticipated approval of spot Bitcoin ETFs, which has completely changed the investing landscape in the crypto sector, probably for good. Interestingly, Ethereum and its related tokens are seeing impressive surges, suggesting these cryptos may have ultimately been the better way to play this event.
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Why Ethereum, Ethereum Classic, and Lido Staked Ether All Popped This Week