In an extraordinary surge driven by speculation over potential spot Ethereum ETF approval, the value of the main altcoin skyrocketed on May 20, marking its largest single-day increase in market value to date. The cryptocurrency’s price surged by over $590 in just 24 hours, pushing its market cap up by more than $70 billion and elevating its price to $3,660, a peak not seen since early April.
This meteoric rise has sent ripples through the crypto community. Notably, Billy Markus, co-creator of Dogecoin and known under the pseudonym Shibetoshi Nakamoto, remarked on the price surge, hinting at a long-term bullish outlook for Ethereum. Markus expressed a wish for ETH to reach $100,000, reflecting a broader sentiment of optimism among crypto enthusiasts.
it’s always weird when crypto is mooning because i know the rally will immediately end if i buy and go even more vertical if i sell
— Shibetoshi Nakamoto (@BillyM2k) May 20, 2024
Markus’s reflections also touched on the volatility and unpredictability of the crypto market. He noted the ironic timing of market movements, where personal buying or selling often coincides with immediate shifts in the opposite direction.
Dogecoin ETF next?
This epic price movement comes just days before an anticipated decision on the approval of a spot Ethereum ETF. Initially, top ETF experts estimated the chances of approval to be between 10-25%.
However, recent market sentiment has surged, with current estimates placing the probability at 61%. This heightened expectation has fueled bullish predictions, with many market participants now eyeing $4,000 as the next significant target for Ethereum.
The potential approval of the Ethereum ETF has also sparked speculation about the future of other cryptocurrencies, with Dogecoin emerging as a candidate for similar investment products. As the primary meme cryptocurrency, Dogecoin could see increased institutional interest if Ethereum’s ETF gains approval, paving the way for broader acceptance and investment into the crypto market.
