NEW YORK, May 20, 2024 - On Tuesday, cryptocurrencies saw a significant uptick in value, led by Ether (ETH), which surged over 20% in just two days to reach $3,710.31, peaking at $3,835.43. This rally is attributed to growing optimism surrounding the U.S. Securities and Exchange Commission’s (SEC) forthcoming decisions on spot Ether exchange-traded funds (ETFs). Antoni Trenchev of Nexo highlighted that if spot ETH ETFs receive approval, it could positively influence altcoins, as Ether often signals broader market trends.

The surge began on Monday following reports that the SEC had requested updates from ETF issuers, raising hopes that the agency might approve spot Ether ETFs. The SEC has yet to comment on the specifics of these filings. Decisions on applications from VanEck and Ark Invest are expected this Thursday and Friday, respectively, with other firms like BlackRock and Fidelity also awaiting outcomes this year.

Meanwhile, Bitcoin (BTC) experienced more subdued activity, maintaining a 7% gain from the previous day and trading above $70,000 for the first time in over a month. Despite this, Bitcoin's movement has been relatively stagnant compared to Ether's rally. Crypto-related stocks like Coinbase and Robinhood also saw little change, with Coinbase and Robinhood holding onto recent gains, while MicroStrategy saw a decline.

Trenchev suggested that an Ethereum ETF approval could revitalize the crypto market, which has been relatively quiet since March. However, he cautioned that Bitcoin and the broader market might need further positive developments to fully break out of the current trading range.