Striking winner of the Bitcoin ETF seem to be Ethereum and Ethereum Classic

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Last Updated on 12 January 2024 by CryptoTips.eu

It was quite striking to see that the largest digital currency didn’t really seem to react to the approval of a Bitcoin ETF at the time the SEC announced the news. Even though Bitcoin is now trading at its highest point in almost two years (Bitcoin briefly touched $49k yesterday), it was striking that Ethereum (and other crypto coins from the top 10) in particular rose in value much faster when the news finally became known. And there is a good explanation for that.

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Wall Street

I think it will only be within a few days that we will know the first results of the importance of a Bitcoin ETF. If all Wall Street companies that offer such a fund since yesterday will announce their first results, we will know whether all the hype that appeared in the global media was normal or not.

Meanwhile, Ethereum in particular did well this week. According to many analysts, Vitalik Buterin’s coin is the next in line to be offered for an ETF by investment fund Blackrock. Probably within a few months.

Since staking Ether can be done in a much ‘greener’ way than mining Bitcoin (due to Ethereum switching to ‘proof of stake’ last year while Bitcoin is still on ‘proof of work’), companies that feel obliged to invest in accordance with ESG rules may be more inclined to invest in Ether rather than invest in Bitcoin in future months and years.

Crypto investors are already taking a head start on such a decision and have sent Ether sharply higher in recent days.

Ethereum Classic (ETC)

As always, it is remarkable to see that Ethereum Classic, which was created from a hard fork of Ether, rose much faster than Ether itself. Funnily enough, this is usually because new crypto investors think this is a ‘cheaper’ version of Ethereum. Yesterday, Ethereum Classic rose almost 40% at one point.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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