Ethereum emerged as the most talked-about cryptocurrency in the crypto media amid the Spot Ether ETF decision on May 23, which spiked Ethereum’s social metrics.
The first-ever Ethereum spot ETF has generated significant excitement and contributed to one of the top 5 most successful days in 2024 for the cryptocurrency market. Moreover, the social metrics also spiked, demonstrating that ETH is gaining popularity in crypto media.
Over the course of 24 hours, ETH, UNI, PEPE, BONK, and LDO have all experienced gains of over 20%. Additionally, Bitcoin’s surge to $71.4K, marking its highest point in 6 weeks, has been downplayed, as reported by a Blockchain analytics firm.
Ethereum Price Soars Amidst Bloomberg Analyst’s Forecast
The price of Ethereum (ETH) spiked over 18% after a senior analyst at Bloomberg raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
The United States Securities and Exchange Commission (SEC) is reportedly facing political pressure, and there is speculation that the SEC is asking exchanges to update their filings.
The final decision on the Spot ETF registration requirement is still pending, and the SEC could approve exchange rule changes separately from the fund’s registration, potentially delaying the process beyond the May 23 deadline for VanEck’s Ethereum spot ETF request.
Ethereum Is Everywhere
Ethereum is currently the most talked-about asset in the crypto space, with discussions about it trending on platforms like X, Discord, Telegram, 4chan, and BitcoinTalk. Investors eagerly await the SEC’s decision on approving the first Spot Ethereum ETF.
️ #Ethereum is the top trending asset in #crypto, according to #X, #Discord, #Telegram, #4chan, & #BitcoinTalk. Eyes are on the #SEC's decision to approve the first Spot $ETH #ETF. Also, #FUD-related #Tether talk could lead to big #bullish market rises. https://t.co/BHW7f6LUZh pic.twitter.com/0zDo2t63hU
— Santiment (@santimentfeed) May 20, 2024
Following an assessment by Bloomberg that the likelihood of the Ethereum ETF being approved has increased from 25% to 75%, the entire altcoin market, including Ethereum, has experienced substantial gains in market capitalization.
As a result, the price of ETH has surged above $3,650 for the first time since April 9th.
Is Spot ETF Boosting The Ethereum Popularity
Spot ETF news spiked up the social metric of the Ethereum. The social dominance and the social volumes have reached a higher level in the last 24 hours.
The current social dominance spikes indicate that discussions about Ethereum cryptocurrency are at their highest level compared to all other cryptocurrency discussions. High social dominance could mean that ETH is currently a trending topic or there is immense interest in it at the moment.
Social volume spikes indicate a rise in the popularity and discussion of ETH on social platforms such as X, Telegram, and Reddit. That means posts, messages, or comments mentioning Ethereum are currently high.
