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News - Ether price breaks through $2,100 - Is the ETF coming?
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10-11-20232 min read
Ether price breaks through $2,100 - Is the ETF coming?
The Ethereum price is shooting through the roof. The reason is a possible Ethereum ETF from BlackRock.
This means that the second largest cryptocurrency by market capitalization is showing a weekly gain of just under ten percent. During the month, Ether rose more than 25 percent.
One reason for this rally is hopes for an Ethereum ETF by iShares, an index fund brand of the world's largest asset manager BlackRock. These hopes are fueled by the recent registration of the Ethereum ETF in Delaware.
The iShares Ethereum Trust has just been registered in Delaware.
— Summers (@SummersThings) November 9, 2023
For context, BlackRock's iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC. Details below.
[announcement: I’m moving to @SynopticCom soon] pic.twitter.com/IYafIaxMzA
Both James Seyffart as Eric Balchunas, analysts at U.S. business magazine Bloomberg, confirmed this news.
An exchange-traded fund (ETF) is an exchange-traded index fund. It tracks the performance of an index. Hopes for such a fund for cryptocurrencies are usually associated with price increases. One reason is that an ETF opens up assets to a larger audience. This potentially attracts a larger number of investors.
Ethereum (ETH) price benefits from positive crypto market sentiment
With its price increases, Ether's price integrates well into the overall picture in the crypto market. All of the top 10 coins (excluding stablecoins) have shown increases over the past 24 hours. The Bitcoin price for example, broke through the $37,500 mark and recorded an equally strong increase seven percent. The strongest coin in the top 10 is currently Solana (SOL). The Ethereum competitor recorded a gain of 14 percent per 24 hours.
The positive news about the Ethereum ETF came after renewed indications of a Bitcoin ETF were reported.
