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Ethereum surpasses Mastercard by market capitalization
Alex Dovbnja
The price of Ethereum has increased by more than 16% in the last 24 hours
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Ethereum, the second largest cryptocurrency, has now passed payments giant Mastercard by market capitalization ($440 billion and $427 billion respectively).
This comes after the US Securities and Exchange Commission made an apparent U-turn regarding the approval of Ethereum exchange-traded fund applications.
AS reported by U.Today, Bloomberg analysts suddenly raised their approval odds to 75%, despite previously limiting them to just 25%. The reassessment was based on some rumors about the SEC rapidly changing its position. Just a few days ago, it was widely believed that VanEck’s ETF application would be rejected by the SEC due to lack of effort.
According to Bloomberg senior ETF analyst Eric Balchunas, the SEC has asked exchanges to quickly update their 19b-4 filings. The SEC could approve an Ethereum ETF as early as Wednesday.
This was stated by Alex Thorn, head of research at Galaxy Digital the SEC would recognize the underlying as a non-security while the staked Ether would be considered a security. “This would be somewhat congruent with their various court cases, as well as reports on their various investigations, and perhaps allow the SEC to approve Ethereum ETFs while maintaining their previously stated/argued views,” he added.
According to CoinGecko, the price of the largest altcoin increased by up to 16.2% in the last 24 hours data. The price of Bitcoin also increased by 6%, reaching a peak of $71,650 today.
ETH is still down 25.4% from the all-time high of $4,878 reached two years ago.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.