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Ethereum (ETH) price rose sharply on Thursday as the market reacted to news that asset management behemoth BlackRock has its eyes on an Ethereum ETF.
The prices of Ethereum Classic (ETC), THORChain (RUNE) and RocketPool (RPL) also climbed to multi-month highs.
Ether ETF news buoys ETC, RUNE and RPL
Ethereum first jumped to the key technical price level of $2,000 late Thursday as details showed BlackRock had registered the “iShares Ethereum Trust” in Delaware. The world’s second-largest cryptocurrency by market cap went parabolic as a Nasdaq filing further showed BlackRock’s intention to list a spot ETH ETF.
Eric Balchunas, a senior ETF analyst at Bloomberg noted in a post on X that the $9 trillion asset manager followed a similar path in its eventual filing for the spot Bitcoin ETF. With industry anticipation for a SEC approval for the ETF, speculation on what it means for Ethereum triggered fresh buy pressure.
As cryptocurrencies basked in upward momentum amid this development, ETH shot past $2,100 to reach its highest price since April. According to market intelligence platform Santiment, Ethereum upside has helped with network growth, pushing micro addresses with less than 0.1 ETH to new highs. The outlook is also observable wallets holding 0.1-10 ETH.
Ethereum Classic (ETC) price rose to a 4-month high near $23.00, while RocketPool (RPL) and THORChain (RUNE) climbed to $3.98 and $33.95 respectively. ETC was up 15%, RPL +17% and RUNE +14% at the time of writing.
Meanwhile, Bitcoin jumped to near $38,000 before paring gains and a host of altcoins rode the massive speculation to record impressive gains in the past 24 hours.
The post Ether ETF news sparks rallies for Ethereum Classic (ETC), THORChain (RUNE) and RocketPool (RPL) appeared first on Invezz