Ethereum and the whole crypto world are currently experiencing a period of volatility this week. That’s because the US security regulators have hinted that they might approve an exchange-traded fund that will invest directly in ETH. What’s more, Bloomberg’s analyst raised the odds of spot ETH approval from 25% to 75% on May 20th after hearing that the SEC might be taking a more optimistic stance on the application.
ETH's price has risen by over 20% within this time frame, and most crypto traders expect this to happen to other altcoins. That being said, let's take a look at the top cryptos to trade during this period.
Top 5 Altcoins that Might Have Spotlight After Ethereum ETF Approval
1. ETH (Ethereum)
Of course, Ethereum is the first coin that will go bullish because of this approval. This coin has undergone several upgrades in the last few years, including the move to ETH 2.0, which changed the network's consensus from POW to PoS.
The ERC-20 network is now more scalable and is experiencing a significant drop in its gas fees, some of the problems that most dApps developers were complaining about this network. With this upgrade and the soon-to-be ETF approval, nothing will stop this coin's price from going straight to the moon.
2. PEPE coin
Pepe is another crypto already capitalizing on spot Ethereum ETF, which has led to the coin hitting an ATH. PEPE is a frog meme coin based on the Ethereum blockchain network. Meme coins thrive on hype, and currently, there's a lot of hype around the ERC20 network.
3. Render (RNDR) Coin
Render is an ERC20 network that bridges the gap between GPUs worldwide, giving artists a high-quality render to work on. RNDR, Render's token, also witnessed a significant jump within the last week.
As we speak, RNDR's price action has seen a significant price jump since Monday, May 20th . The hype around this spot ETF approval could further increase RNDR's price and record yet another ATH.
4. BONK
BONK is a dog-themed meme coin that challenges the authority of DOGE in the meme coin industry. Since May 20th, this coin has been on the rise. That's all thanks to the current global market cap increase.
This rally has allowed BONK to break the 50-day EMA, a critical resistance level for this coin. BONK has been trying to break free from this resistance zone since May 10th. And if this coin's price continues to register an Uptrend, then we expect BONK to record an ATH soon.
5. Solana
After the whole Ethereum development, calls for Solana ETF approval have intensified within the crypto world. Most crypto analysts speculate that SOL could be the next exchange-traded fund. These predictions align with the charter about Hong Kong's preparation for SOL ETF.
Unfortunately, SOL doesn't have a futures contract, presenting a unique challenge to the coin. All in all, this crypto has shown significant growth over the last few years. That means that such conversations and speculations will probably drive the next uptrend for Solana.
In Conclusion
Well, there you have it! These coins are speculated to have a significant price jump as a result of the Spot ETF approval. If you'd like to swiftly capitalize on these cryptocurrencies, the optimal trading platform is CoinEx.
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