Cryptocurrency enthusiasts were in high spirits last Thursday, as it was a historic day for the crypto industry because the launch of several spot Bitcoin (BTC) ETFs in the USA added more legitimacy in the eyes of the investment community.
At that time, the price of Bitcoin reached a two-year high of $49,120, but since then, it has returned to $42,706, as the hype around the launch of the first spot BTC ETFs in the USA began to fade, and the conversation already started shifting towards the approval of the first spot Ethereum ETF.
Looking at the ETH/BTC pair, it becomes clear that since January 9, when traders began to shift their attention to the better smart contract platform after it became evident that the spot approval of a BTC ETF was inevitable, Ether has significantly outperformed Bitcoin.
When the last report of the decentralized infrastructure in the world of cryptocurrencies, SynFutures, was published on December 21, Bitcoin was priced at $43,000, Ethereum at about $2,200, and the total market capitalization of cryptocurrencies was $1.6 trillion.
As of today, the value of all these assets has increased by 10-20%.
The approval of spot Bitcoin ETFs in the USA is a fruitful move for Bitcoin. The creation of an entirely new asset class will likely lead to a significant influx of capital into the cryptocurrency market.
After the launch of several spot Bitcoin ETFs, forecasts have changed so much that there are assumptions of Bitcoin's price reaching from $200,000 to $1,000,000 in the coming years.
As of today, the total market capitalization of cryptocurrencies is $1.78 trillion, and the Bitcoin dominance level is 51.3%.