The recent surge in the cryptocurrency market, spurred by a $300 billion influx, has not only propelled Bitcoin but also seen significant gains for major altcoins like XRP. Forbes Senior Contributor Billy Bambrough highlighted this remarkable uptick, noting Bitcoin’s near flirtation with its all-time high of $73,850 and XRP’s commendable rally, contributing substantially to the overall market capitalization.
XRP, in particular, has witnessed a notable 3.65% surge, pushing its intraday high to $0.6155. Over the span of seven days, XRP has climbed by a remarkable 15%, bouncing back from a low of $0.5725. This resurgence comes amidst a revived market sentiment following weeks of intense price corrections across the crypto landscape.
One of the notable observations amidst this market revival is the increasing interest from institutional players, notably Goldman Sachs’ hedge fund clients. Bambrough underscored the feeling of FOMO (Fear of Missing Out) among these clients, especially in the wake of the approval of multiple U.S. Bitcoin spot ETFs.
Max Minton, Goldman’s Head of Digital Assets for Asia Pacific, highlighted this shift in sentiment, stating that the recent ETF approval has triggered a resurgence of interest and activities from our clients. He further noted the transformation in appetite among institutions towards cryptocurrencies, indicating a shift from primarily retail-driven price actions.
However, while Bitcoin remains the primary focus for institutional investors, there is growing anticipation surrounding Ethereum, especially in the context of a potential U.S.-listed spot ETF. Bambrough pointed out that Ethereum’s chances of approval by the SEC before its May deadline are dwindling, primarily due to decreased engagements from the regulatory body.
Despite this uncertainty, Grayscale, a prominent player in the crypto space, remains optimistic about Ethereum’s prospects for ETF approval. They believe that critical issues have been addressed during the Bitcoin spot ETF applications, paving the way for a bullish outlook on Ethereum’s approval.
