Bitcoin had a rollercoaster week, starting off struggling to stay above $66,000 but later skyrocketing to nearly $72,000 after the news of potential SEC approval of spot Ethereum ETFs. However, the excitement was short-lived as Bitcoin lost value in the following days, dropping to $66,400 before bouncing back to $69,000 by the end of the week. Despite the ups and downs, Bitcoin managed to defend the $69,000 level with a market cap close to $1.370 trillion and dominance over altcoins at 50.3%.
The news of spot Ethereum ETFs had a significant impact on Ethereum’s native token, ETH. ETH surged from $3,100 to over $3,900, reaching its highest price since April. The second-largest cryptocurrency experienced volatility amid the SEC’s approval news but managed to stabilize around $3,800 after a 22% gain for the week.
While Bitcoin and Ethereum were the main beneficiaries of the ETF hype, other altcoins also saw significant gains. Uniswap and PEPE led the charge with UNI skyrocketing by 44% to above $11, and PEPE hitting several all-time highs. DOGE, LINK, and APT also experienced impressive gains on a weekly scale. However, some altcoins like SOL, TRX, TON, and ADA were in the red for the week.
Despite the mixed performances of individual cryptocurrencies, the total crypto market cap surged by over $200 billion within the week, surpassing $2.7 trillion. This overall growth indicates a positive sentiment in the market driven by the potential approval of spot Ethereum ETFs in the United States.
The excitement surrounding the approval of spot Ethereum ETFs had a noticeable impact on the cryptocurrency market, with Bitcoin and Ethereum leading the gains. While Bitcoin faced volatility throughout the week, Ethereum surged to new heights. Altcoins also saw significant movements, with some reaching all-time highs. The total market cap of cryptocurrencies increased, signaling growing interest and investment in the digital asset space.