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Thursday, July 18, 2024

Ethereum Poised for Major Rally as ETFs Hit the Market

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The Caspian Times is a platform that showcases stories and perspectives from across Eurasia. We aim to inform, inspire and empower our readers with high-quality journalism that covers the diverse and dynamic region.

The world’s second-largest cryptocurrency, Ethereum (ETH), has largely stayed in the background this year while Bitcoin (BTC) surged to new heights, driven by the introduction of U.S. exchange-traded funds (ETFs) tracking its price. However, Ethereum’s moment in the spotlight may be just around the corner.

With the imminent launch of Ethereum ETFs, market analysts are predicting a significant price rally. These ETFs are expected to attract substantial institutional

investment, potentially pushing Ethereum’s price beyond its previous all-time high of $4,867.60, set in November 2021.

The approval of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) marks a historic milestone for the cryptocurrency industry. This move is anticipated to democratize access to Ethereum, making it easier for both retail and institutional investors to gain exposure to the asset without navigating the complexities of crypto exchanges.

As the launch of these ETFs approaches, the market is abuzz with speculation. Some experts believe that the increased demand and reduced supply could drive Ethereum’s price to unprecedented levels. The coming months will be crucial in determining whether Ethereum can capitalize on this momentum and achieve new heights.

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