Ripple and Solana Steal the Show as Ethereum ETF Launch Disappoints: This Week’s Crypto Update

It has been an interesting week for the cryptocurrency industry. While its total market capitalization has remained largely unchanged, a lot has happened that deserves our attention, so let’s get into it.

Early on, the U.S. Securities and Exchange Commission finally gave the final regulatory approval for the Ethereum ETF Spot Issuance to launch its products. This was a highly anticipated moment for many ETH investors, but the price plummeted after the launch. It is important to note that ETH ETFs generated more than $1 billion in trading volume in each of the first trading days, which was roughly 20% of the volume generated by BTC. This was in line with experts’ expectations.

However, in the three days since the ETF began trading, the products saw outflows of about $180 million, mostly caused by grayscale selling. This has obviously discouraged the price, which is currently trading with a weekly loss of 4%. However, the launch of ETH ETFs is largely seen as a very positive development as it opens the door for traditional investors to get involved through a familiar and regulated investment vehicle.

Despite the highly anticipated release, however, it was something else that stole the show.

Ripple’s XRP and Solana (SOL) are the top performers this week among large-cap cryptocurrencies, and they’re not even close. XRP gained 26%, while SOL performed even better, rising 30% during the same period. Altcoins have clearly returned to a positive trend and industry participants are wondering if this is the start of another rally.

Bitcoin has also been a steady performer, rising around 5% over the past seven days. It is interesting to note that US presidential candidate and former president Donald Trump will be giving a keynote address at the Bitcoin Conference in Nashville tomorrow. The whole community is looking forward to this event.

Having said that, MT. Gox creditors have started receiving their funds in BTC and BCH, and it will be interesting to see if this affects the market in the coming weeks.

Market data

Market capitalization: $2.514T | 24 Hour Flight: $99 Million | BTC Domain: 52.8%

BTC: $67,150 (+4.9%) | ETH: $3,237 (-4.1%) | BNB: $576 (+0.5%)

This week’s crypto news you can’t miss

Best Hardware Wallets of 2024: Top 5 Crypto Cold Storage Options Starting with a longer guide we recently produced, take a look at some of the best hardware wallets to watch out for in 2024. Security is important; don’t neglect it.

Ethereum Turns 10: A Decade of Blockchain Revolution Ethereum, the world’s second largest cryptocurrency and the most actively developed blockchain network, celebrated its 10th anniversary this week. It is a big milestone not only for the project but also for the entire industry.

Finally, ETH ETFs live, but the price is better. The US Securities and Exchange Commission (SEC) gave its latest approval to spot Ethereum ETF issuers. The products are now trading live, but the price has been dropping almost since they first saw the light of day.

One in a Billion: Tiny Bitcoin Mining Device Defies Odds, Wins $206,000 Block Reward Bitcoin mining has become a very energy-intensive process where industry players compete to generate each block and win the reward. Well, one lucky hand-sized home miner defied 1 in 1.1 billion odds and managed to produce a block and claim the $206,000 reward.

VanEck predicts that Bitcoin could reach $2.9 billion by 2050 if this happens. Popular asset manager VanEck recently made an interesting prediction. The company believes that the price of Bitcoin can reach a valuation of $2.9 billion by 2050.

Marathon Digital Raises Bitcoin Stash with $100 Million Purchase Well-known Bitcoin miner Marathon Digital has adopted a full HODL strategy and recently announced the purchase of $100 million worth of BTC. With this, the company now has more than 20,000 BTC.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Shiba Inu – click here for the full price analysis.

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