WASHINGTON (dpa-AFX) - Cryptocurrency market capitalization surged more than 8 percent in the past 24 hours amidst market speculation about potential regulatory approval for Ether Spot ETFs in the U.S. The frenzy followed Bloomberg analysts Eric Balchunas and James Seyffart raising the odds of a spot Ether ETF approval to 75 percent from 25 percent earlier. A Reuters report which said the U.S. securities regulator on Monday asked Nasdaq and CBOE to fine-tune their applications to list spot Ether exchange-traded-funds also boosted sentiment.
The Securities and Exchange Commission's decision on the Ether Spot ETF application filed by VanEck is due on May 23, followed by Ark Invest/21Shares due on May 24.
Ether is currently trading at $3,765.82, jumping 21.7 percent overnight, 30.1 percent in the past week and 65 percent in 2024. The second largest cryptocurrency is currently trading only 23 below the all-time high of $4,891.70 recorded in November 2021. The 24-hour trading range was between $3,831.30 and $3,078.06.
The brilliant rally has helped Ether raise its crypto market dominance to 17.2 percent from 15.3 percent a day earlier. Ethereum is currently ranked 24th in the global ranking of all assets published by companiesmarketcap.com.
Amidst hopes of political reasons driving a pro-crypto sentiment in the U.S., overall crypto market capitalization rose to $2.61 trillion from $2.42 trillion a day earlier and the recent high of $2.74 trillion recorded in March 2024. The 24-hour trading volume also jumped 164 percent overnight to $158 billion.
While 56th ranked Lido DAO (LDO) dazzled with overnight gains of close to 40 percent, meme coins 24th ranked Pepe (PEPE) and 53rd ranked Bonk (BONK) jumped close to 35 percent. In addition to this, 33 of the top 100 cryptocurrencies are trading with overnight gains in excess of 10 percent.
Bitcoin is currently trading at $70,558.65, recording overnight gains of 5.2 percent, weekly addition of 14.5 percent and a year-to-date surge of more than 66 percent. Bitcoin traded between $71,946.46 and $66,767.93 in the past 24 hours.
The second largest cryptocurrency is currently trading only 4 percent below the all-time high of $73,750.07 recorded in March 2024.
4th ranked BNB (BNB) rallied 7.4 percent overnight to trade at $614.08. 5th ranked Solana (SOL) added more than a percent in the past 24 hours to trade at $178.95. 7th ranked XRP gained more than 6 percent overnight to trade at $0.5441.
Dogecoin (DOGE) surge 11.1 percent overnight to trade at $0.1687. The brilliant rally also helped it rise to the 8th rank overall, relegating Toncoin (TON) by a notch. 9th ranked Toncoin (TON) slipped 0.94 percent in the past 24 hours to trade at $6.36.
10th ranked Cardano (ADA) increased 7.1 percent overnight to trade at $0.5011. 11th ranked Avalanche (AVAX) surged 12.9 percent in the past 24 hours and is changing hands at $40.56. 12th ranked Shiba Inu (SHIB) has also surged 8.3 percent in the past 24 hours.
43rd ranked Arweave (AR) plunged 5.6 percent in the past 24 hours and is the biggest laggard among the top 100 cryptocurrencies. 64th ranked Gala (GALA) that declined 4.8 percent and 61st ranked Jupiter (JUP) that lost 1.1 percent are the only other cryptocurrencies among the top 100 to trade with overnight losses of more than a percent.
Despite the Ether ETF frenzy, 7th ranked XRP (XRP), 10th ranked Cardano (ADA), 13th ranked Polkadot (DOT) and 18th ranked Polygon (MATIC) continue to trade with year-to-date losses exceeding 5 percent.
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