Ethereum and Altcoins Affected by Bitcoins Decline

After receiving approval for 19b-4 applications, Ethereum’s price soared above $3,700. However, the initial upward trend eventually reversed, hinting at potential outcomes when multiple ETFs are introduced. Similar patterns were noted in various altcoins and meme tokens. This resurgence led to a notable surge in participation in institutional products and decentralized protocols. Consequently, the decline in Bitcoin adversely impacted Ethereum and other altcoins. Ethereum experienced a price drop, accompanied by a 9% decrease in its weekly trading volume. The approval of spot ETFs has the potential to boost Ethereum’s price and spark institutional interest in the coming days.