- Following confirmation of BlackRock's intention to file for an ETH-based ETH via a Nasdaq filing, ETH surged 10% to around $2,100.
- Bitcoin was just traded at $36,600, up 3% on the day.
- While the strength of ETH and BTC caused the rotation to stop, the majority of other cryptocurrencies saw decreases.
The price of Ethereum (ETH) has risen beyond $2,100 for the first time since April. With a price of around $2,130 right now, ETH has increased by more than 11% in the last day.
The unexpected spike came after positive news about BlackRock’s Ether ETF filing, which was filed in Delaware. A few hours following this filing, BlackRock’s spot Ether ETF strategy was validated by an official Nasdaq filing.
Additionally, the filing stated that BlackRock will launch the iShares Ethereum Trust on Nasdaq following regulatory clearance. The company’s spot Ether ETF application may possibly be largely responsible for the notable inflow from the traditional finance industry, even though its spot Bitcoin ETF has already helped the cryptocurrency market.
Since Ether’s price has outperformed its typical correlation with Bitcoin’s price, the surge has also had a substantial impact on that market. Over the course of the last day, Ether has maintained its rise above $2,100 while Bitcoin briefly rose beyond $37,800 before plunging to about $36,900.