The enthusiasm around spot Bitcoin ETFs has continued into the weekend, according to data. Despite Bitcoin reversing some of the gains it made, investor optimism for top cryptocurrencies remains strong in the wake of the SEC approving the first applications for Bitcoin spot ETF. Data from on-chain analytics platform Santiment has revealed Ethereum and other large market cap cryptos are now at extremely optimistic levels.
Ethereum Shines As Investor Optimism Persists After Bitcoin ETF
Bitcoin is enjoying its time in the spotlight, with a lot of discussions centered around the cryptocurrency and the performance of 11 spot ETFs in their first two days on the market. According to a social media post by Santiment, Bitcoin sentiment and discussion rate are now at their highest level since March 2023.
Notably, other major cryptocurrencies have been quietly gaining ground. One of the biggest winners is Ethereum, which has seen its price grow post-Bitcoin Spot ETF approval. Traders have particularly been bullish towards Ethereum, with the crypto currently leading the market in terms of sentiment. Ethereum’s sentiment and discussion rate is now at its highest level since November 2021 as traders are discussing the possibility of the approval of Ethereum Spot ETFs coming next.
Discussion around spot ETF approval has also flowed into XRP, with its sentiment and discussion rate now at its highest level since May 2023. For example, in a recent interview, Steve McClurg, Valkyrie’s Chief Investment Officer, noted that an XRP ETF could also be approved in the near future.
On the other hand, Cardano (ADA), which is currently on a 5% growth in a 7-day timeframe, has mostly been ignored in the discussion rate and positive sentiment is currently at its usual level.
As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the #ETF approvals. Traders are particularly #bullish toward #Ethereum after its market value climbed above $2,700 for the first
(Cont)
pic.twitter.com/JxitOuX6Ww
— Santiment (@santimentfeed) January 13, 2024
Ethereum’s Performance Compared To Bitcoin Post ETF
The price of Ethereum seems to have reacted the most positively after spot Bitcoin ETF hit the market. Although Bitcoin initially went on a price surge which pushed it over $48,600 for the first time since April 2022, the crypto has gone through a brief decline and is currently trading at $42,900. However, this doesn’t mean the cycle is over, as many analysts and investors project a BTC price surge in the coming weeks.
Ethereum, on the other hand, has maintained its price gain to outperform Bitcoin. As a result, the ETH/BTC pair jumped from 0.05085 on January 10th to 0.06117 on January 12th. At the time of writing, the ETH/BTC is at 0.05935. Ethereum’s price has jumped over 14% in the past week and has maintained a strong footing above the $2,500 resistance. ETH is trading at $2,550 at the time of writing.
Featured image from iStock