While Bitcoin, the leading cryptocurrency, exceeded $ 72,000 again with the rise it experienced yesterday, Ethereum performed better compared to BTC.
While BTC dropped to $ 70,000 in the last 24 hours, ETH price continued its rise and rose above the $ 3,600 level.
While it is thought that Ethereum co-founder Vitalik Buterin’s speech at a festival held in Hong Kong was effective in this rise of Ethereum, ETH evaluation came from CoinShares analyst Luke Nolan.
Speaking to The Block, Luke Nolan stated that the tokenized fund launched by BlackRock, the world’s largest asset management company, on Ethereum last month is an important catalyst for ETH.
“The tokenized fund launched by BlackRock on Ethereum is a bullish factor that could be the driver of ETH in the long run.
This bodes bullish for Ethereum in the long term, as the choice of a public blockchain over private and alternative layer 1s actually proves that Ethereum’s security, liveness guarantees, and strong developer base are sufficient to maintain its smart position.”
Apart from this, the analyst pointed out that the ETH/BTC pair is currently at its lowest levels in several years, and said, “historically, the ETH/BTC pair has performed better after reaching low levels, rising up to 20% in the weeks after reaching low levels.” said.
What would be the impact on price if Ethereum ETFs were rejected?
Finally, touching on spot Ethereum ETFs, Luke Nolan claimed that it is unlikely that the US SEC will approve a spot ETH ETF in May.
“We have seen essentially zero dialogue from the SEC for ETH ETFs and subsequent changes from issuers, which is definitely a bad sign.
Another bad sign is that the market is not really waiting for confirmation anymore either. For these reasons, in case of rejection for ETH ETFs, it is unlikely to have a negative impact on prices.”
*This is not investment advice.
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