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The broader cryptocurrency market has risen today due to speculation over the likely approval of the Spot Ethereum ETF by the US SEC. However, amid the euphoria, Matrixport co-founder Daniel Yan's recent comments have sparked debate about Solana and its possible impact on SOL price swings. They have also spurred conjecture and buzz about the Solana ETF in the United States.
Shifting Strategies in Crypto Investments: The Case for Choosing Solana Over Ethereum Amid ETF Speculations
Ethereum's price has risen about 20% in the last 24 hours, fueled by hopes for establishing a Spot Ethereum ETF. Daniel Yan, co-founder of Matrixport, expressed his thoughts on this market development, as per Coingape.
In a recent X article, he advised that while the trendy strategy is to purchase Ethereum, investors may consider buying Solana (SOL) instead of Ethereum (ETH). Yan cited three reasons for this strategy: Solana could be the next candidate for an ETF, the ETH/BTC pair gained 12% following Bitcoin's ETF approval, and this trade is not yet as crowded as Ethereum's recent rally.
In addition, he underlined that the Bitcoin price has fluctuated since the U.S. Bitcoin ETF was approved. Combining historical emotion with the current 20% increase in Ethereum price, he has pushed for the "BUY SOL/ETH" strategy.
Meanwhile, Yan's perspective comes as top Bloomberg analysts have boosted their Ethereum ETF approval projections from 25% to 75%. This greater chance follows the United States. The SEC's demand for issuers to revise their 19b-4 reports signals significant regulatory progress.
In other words, the anticipation of an Ethereum ETF has lifted Ethereum while benefiting the broader altcoin market. Most of the biggest cryptocurrencies, including Solana, XRP, and others, have followed suit, with significant rises today.
Anticipating the Ripple Effect: How Ethereum ETF Speculation Boosts Solana and Other Cryptos
The likely approval of the Ethereum ETF has sparked a strong surge in numerous digital currencies. Santiment, an on-chain analytics startup, found a widespread increase in market capitalization, indicating that Ethereum's positive trend has a ripple impact on the whole crypto market.
Meanwhile, this broader market optimism has prompted investors to speculate on which cryptocurrency may be next in line for governmental approval.
Solana, dubbed the "Ethereum killer" due to its fast and low-cost transactions, is emerging as a serious challenger. Yan's reasoning for a SOL/ETH trade implies that Solana might see a significant price increase if the Ethereum ETF is approved.
As previously stated, the logic is based on historical patterns observed during Bitcoin's ETF approval, which saw a significant rise in ETH/BTC as investors anticipated Ethereum's ETF. Applying this pattern to Solana, Yan believes that approving an Ethereum ETF would shift attention and investment to Solana, potentially driving its price higher.
However, investors should be cautious, as some market analysts have warned that if the U.S. With the SEC's delays in authorizing the investment instrument, the Ethereum price may experience increased volatility in the following days.
As of writing, the Solana price had risen 3.17% in the last 24 hours to $182.99, while the Ethereum price had risen 19.36% to $3,703.22. Solana's trading volume increased by 52% to $4.91 billion during the same time period. CoinGlass data showed that Solana Futures Open Interest increased by 0.53% in the last 24 hours to $2.46 billion.
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