Major cryptocurrencies are enjoying significant gains on Thursday, with Ethereum (ETH) surging over 8% in the last 24 hours, surpassing $2,000. Bitcoin (BTC) has also risen over 6%, reaching new highs for the year above $37,000.
Bitcoin's recent upward trend began during the Thursday Asia session due to renewed optimism about the potential approval of spot Bitcoin Exchange Traded Funds (ETFs). Reports on Wednesday revealed that the US Securities and Exchange Commission (SEC) is actively engaging in discussions with digital asset manager Grayscale regarding their application to convert their Bitcoin Trust into a spot Bitcoin ETF.
While the SEC had previously rejected all spot Bitcoin ETF applications, including from Grayscale, the firm secured a legal victory in August when a judge deemed the SEC's rejection "arbitrary and capricious."
With major players like BlackRock, Fidelity, and others filing their spot Bitcoin ETF applications in June, the focus seems to have shifted towards the SEC collaborating with firms to pave the way for spot Bitcoin ETFs instead of resisting their existence.
This anticipation has contributed to Bitcoin's upward momentum since mid-October. Analysts also attribute the surge to safe-haven demand amid global geopolitical concerns (such as the Israel/Hamas conflict) and a positive macro environment. US stocks have rallied, and yields have dropped since the end of October, signaling bets that the Federal Reserve's interest rate tightening cycle is over.
Ether is also experiencing gains due to reports that BlackRock has filed to establish the iShares Ethereum Trust in Delaware, similar to its approach with the iShares Bitcoin Trust before filing its spot Bitcoin ETF application with the SEC.
While other altcoins are also on the rise, investors seeking quick exponential gains often turn to the highly illiquid "shitcoin" and meme coin markets, where tokens can rally by 10x in a single day.
Some notable performers in the Ethereum blockchain's decentralized exchange Uniswap include Exeedme ($XED), a gaming token that has surged over 200% in the last 24 hours. However, caution is advised, as the token has concerning aspects in its contract, including minting and pausable transfers.
Another gaming token, GAMEE ($GMEE), has risen over 100% in the last 24 hours. While its smart contract has few concerning aspects, investors should remain cautious with low-cap coins.
Netvrk ($NTVRK), a token claiming to be a social virtual reality platform on the blockchain, has surged around 100% in the last 24 hours. With a market cap of approximately $24 million, the token has shown stability over time, with minimal risks identified in its smart contract.
For those seeking alternatives with potentially high rewards, engaging in crypto presales is suggested. This involves buying tokens of emerging crypto projects to support their development. Despite the high risk, presales have historically delivered substantial gains to early investors. The Cryptonews team regularly reviews presale projects to assist investors in identifying promising opportunities.
