BlackRock's Ethereum ETF sparks optimism and uplifts the broader crypto market.
Ethereum (ETH) has been on a steady upward trajectory, reaching its highest price point in the year and hitting an impressive 52-week high.
The surge in Ethereum's price can be attributed to various factors that have fueled the cryptocurrency's growth. Notably, the asset reached a 52-week high of $2,137 on Thursday, November 9, showcasing its positive momentum.
One contributing factor to the surge is the increased number of ETH staked, surpassing 28 million, according to Beaconscan data. The Beacon Chain, with around 884,000 validators, reflects growing confidence in Ethereum's long-term stability, offering promise to investors.
Moreover, Ethereum's on-chain volume has experienced a substantial increase, reaching approximately 2.62 billion from 1.5 billion in September. This signifies a remarkable over 70% surge in volume within a short period.
A significant development impacting Ethereum's recent price surge is the registration of a spot Ethereum Exchange Traded Fund (ETF) by BlackRock. As the world's largest asset manager with trillions of dollars in assets under management, BlackRock's move has notably influenced the cryptocurrency landscape.
The registration of a Spot Ethereum ETF follows BlackRock's earlier application for a Bitcoin spot ETF in June 2023. However, the decision on the Bitcoin ETF is pending approval from the United States Securities and Exchange Commission (SEC).
