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Grayscale has emerged as one of the most prominent cryptocurrency companies, holding billions of Bitcoins.
In an ‘X’ post, the Chief Legal Officer of Grayscale, Craig Salm, notes that the company has submitted an amended Form 19b-4 filing for its Ethereum ETF application. As per market observers, Grayscale’s move showcases its effort towards Ether spot ETF.
Craig also believes this amendment is a crucial step in Grayscale’s effort to upgrade ETHE to start trading on the New York Stock Exchange (NYSE) Arca.
The CLO further adds, “Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF and we believe the case is just as strong as it was for spot Bitcoin ETFs.”
Similar to Bitcoin spot ETF, there is competition among dozens of companies to secure approval over their application of Ether spot ETF. However, there is speculation that the United States SEC might approve the ETH ETF by May 2024.
Grayscale is one of the most significant Ethereum holders, as it holds Etheereum’s worth $7.4 Billion. However, Ether’s approval of ETFs might lure more investors and funds after its approval.
Ethereum Price Movement
In the past 30 days, Ethereum, the second most prominent cryptocurrency in the market, has outperformed and grown 30.18%. ETH traded highest at $4,092 in the past 52 weeks, although its all-time high is $4,891.
Ethereum Eth might gather significant popularity for several reasons: its price and the credibility of the Ethereum Network. Over thousands of crypto projects are functioning in the market, and hundreds are operating using Ethereum’s blockchain.
The yet-to-be-approved Ether spot ETF is claimed to have massive potential as it is among the most traded crypto in the market.
More than 97% of the total addresses hold Ethereum in $0- $100, the address with $1 – $100k Ethereum is 2.20%, and the address with ETH above $100k is 0.08%. Till March 13, 2024, there were 50.60 Million whale holders, 12.63 Million Investors, and 65.16 Million retail.
Market Price Update
In the past 24 hours, market capitalization has surged by over 2.50%, which was $2.60 trillion as of this writing. The market leader, Bitcoin, grew 2.18% intraday and is trading at $68,119.
Book Of Meme (BOME) price surged more than 305% in the past 24 hours, which makes it the topper of the intraday gainer list. Jupiter (JUP), the second topper of the list, has flourished at 48%, and Pyth Network (PYTH) at 22.62 %.
Dogwifhat (WIF), the most talked about meme coin in the past few quarters, has lost 10.97% of its trading volume, making it the leader of the 24-hour loser list. Pepe (PEPE), another meme coin that lost 11%, Floki (FLOKI) 10.81%, and Fetch.ai (FET) 6.43%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
