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Bitcoin pauses the rise, but Ethereum extends the rally: what is happening in the crypto world

Bitcoin pauses the rise, but Ethereum extends the rally: what is happening in the crypto world

This ETH push follows news that the Securities and Exchange Commission (SEC) could be closer to approving ETH spot ETFs proposed by companies like BlackRock, Fidelity or VanEck.

Bitcoin pauses the rise, but Ethereum extends the rally: the causes of this dissociation

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Cryptocurrencies take a break after a day of intense activity. Bitcoin (BTC) shows a moderate decline, retreating below US$70,000 and contributing to a slight 0.5% decrease in the total cryptocurrency market capitalization during the last 24 hours.

In contrast, ‘altcoins’ exhibit mixed behavior. Some, such as Solana (SOL) or On the other hand, moderate increases are seen in Avalanche (AVAX), Shiba Inu (SHIB), Polkadot (DOT) and more significant gains in Dogecoin (DOGE). However, Toncoin (TON) is detached from the general behavior and suffers a drop of close to 5% in the last 24 hours.

Ethereum extends the rally: what’s behind it

Meanwhile, Ethereum (ETH) continues its steady rise. The main ‘altcoin’ in the market registers an increase of 2% in the last day, seeking to consolidate the level of US$3,800 reached this Tuesday, although it fails to maintain it at the close of the markets, something that has not happened since the first half of March. This momentum in the Ethereum market follows news that the Securities and Exchange Commission (SEC) could be closer to approving ETH spot ETFs proposed by companies such as BlackRock, Fidelity or VanEck.

This possible regulatory development has raised expectations of a new wave of institutional demand that could firmly push Ethereum higher in the short term, in addition to benefiting the cryptocurrency market as a whole, explains analyst James Harte. Furthermore, notional open interest in ETH futures contracts has reached a record high of $14.05 billion in the last 24 hours, indicating a significant increase in money flow into Ethereum.

Despite these positive developments, some analysts warn of possible downward corrections in the coming days. Net inflows to cryptocurrency exchanges have exceeded 81.8 billion in the last 24 hours, the most since the end of January, which could suggest a selling intention on the part of investors. However, the market remains attentive to the possibility that Ethereum exceeds $4,000, thus marking a new milestone on its upward path.

Source: Ambito

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