The U.S. Securities and Exchange Commission (SEC), led by Chair Gary Gensler, has approved multiple shares of spot bitcoin exchange-traded products (ETPs), signifying a notable departure from the SEC’s typical caution regarding cryptocurrency-linked financial products.
Now, let’s delve into the details of the top 5 coins to consider buying following the approval of Bitcoin ETFs.
1. Celestia (TIA): A Unique Blockchain Approach
Celestia (TIA) sets itself apart with an innovative modular blockchain network design, diverging from the typical interconnected structure of traditional blockchains. This distinctive method allows the creation of independent blockchains without unnecessary complexity.
The separation of action execution from the consensus process and the implementation of data availability sampling simplify Celestia’s blockchain system. This pioneering strategy empowers developers to construct tailored environments for executing actions and resolving issues, liberating them from the constraints of conventional blockchain frameworks.
Presently valued at $15.81, Celestia has experienced a 5.26% increase in the last 24 hours. With a trading volume of $987.87M, a market cap of $2.48B, and a market dominance of 0.14%, Celestia’s current position reflects its prominence. Notably, on January 5, 2024, Celestia achieved its peak price at $17.27. The lowest recorded price was $0.00, with the post-all-time high (ATH) low at $12.56. The highest price post-cycle low stands at $16.83. The Fear & Greed Index signals extreme greed at 76, aligning with the prevailing positive sentiment. Celestia’s circulating supply is 156.61M TIA.
2. Ethereum Name Service (ENS): Simplifying Ethereum Transactions
The ENS token operates as the governance token overseeing the treasury of the ENS DAO, which administers the ENS Protocol—a decentralized naming system on the Ethereum blockchain (ERC-20).
Ethereum wallet addresses, known for their complexity, pose challenges for users, especially during fund transfers. The Ethereum Name Service (ENS) addresses this by using smart contracts to associate intricate Ethereum addresses with simplified .eth domains. For instance, converting a complex address like 0xb4b3351918a9bedc7d386c6a685c42e69920b34d to something.eth makes interactions more straightforward and user-friendly, reducing the likelihood of errors.
As of now, the Ethereum Name Service (ENS) is valued at $19.01, exhibiting a remarkable 30.53% increase in the past 24 hours. With a trading volume of $1.18B, it contributes to a market capitalization of $578.16M and a market dominance of 0.03%.
ENS reached its highest price on November 11, 2021, at $83.40, while its lowest recorded price was $6.69 on October 20, 2023. Since the all-time high, the lowest observed price was $6.69 (cycle low), and the highest reached was $19.74 (cycle high). The current sentiment for ENS price prediction is bullish, with the Fear & Greed Index indicating 76 (Extreme Greed).
The circulating supply of ENS is 30.42M out of a maximum supply of 100.00M, with a yearly supply inflation rate of 50.24%, resulting in the creation of 10.17M ENS over the last year.
3. Ethereum (ETH): Anticipating the ETF Approval
The recent approval of the #BitcoinETF has sparked discussions about the possibility of an Ethereum (ETH) ETF. While optimism surrounds the Bitcoin ETF approval, the timeline for an ETH ETF remains uncertain.
The burning question of “When ETH ETF?” is prevalent among investors and enthusiasts, with May considered a potential timeframe. However, the approval process involves meticulous regulatory evaluations by the Securities and Exchange Commission (SEC), making predictions speculative. Investors may need to exercise patience as they await the regulatory green light for this anticipated financial product in the crypto space.
The SEC’s decision-making timeline and the evolving regulatory landscape will significantly impact the outlook for an Ethereum ETF. The crypto community will keenly monitor developments, evaluating the potential implications on Ethereum’s market dynamics and broader adoption.
Presently valued at $2,611.38, Ethereum exhibits a substantial 10.31% increase in the last 24 hours, with a noteworthy trading volume of $31.71B. Its market cap stands at $313.84B, securing a market dominance of 17.56%. Ethereum reached its peak price on November 10, 2021, at $4,867.17, with an all-time low recorded on October 21, 2015, at $0.420897. Post its all-time high, the lowest observed price was $897.01 (cycle low), and the highest was $2,629.14 (cycle high).
The current sentiment suggests a bullish trend, with the Fear & Greed Index indicating 76 (Extreme Greed). Ethereum’s circulating supply is 120.18M ETH, and with a yearly supply inflation rate of -1.79%, approximately -2.19M ETH were removed from circulation in the last year. In market cap rankings, Ethereum holds the top position in the Proof-of-Stake Coins sector and secures the second position in the Layer 1 sector.
4. Ripple (XRP): Riding High on Positive Trends
In the latest data, Ripple’s XRP is priced at $0.604665, showcasing a noteworthy 5.83% increase in the past 24 hours, with a substantial trading volume of $3.81B. The market cap for XRP stands at $32.78B, securing a market dominance of 1.83%. XRP reached its pinnacle on January 4, 2018, at $3.92, while its all-time low was recorded on July 7, 2014, at $0.002802.
Since attaining its all-time high, XRP experienced a cycle low of $0.113268 and a cycle high of $1.977930. The current sentiment points to a bullish outlook, complemented by a Fear & Greed Index reading of 76 (Extreme Greed).
With a circulating supply of 54.21B XRP out of a maximum supply of 100.00B XRP, the yearly supply inflation rate is 7.86%, resulting in the creation of approximately 3.95B XRP in the last year. XRP holds the fifth position in the Layer 1 sector in terms of market cap rankings.
Over the past year, XRP has displayed remarkable growth, witnessing a substantial 96% price increase. This places XRP among the top performers in the cryptocurrency realm, outperforming 64% of the top 100 crypto assets within the same timeframe.
Currently trading above its 200-day simple moving average, XRP signals sustained positive momentum and is approaching its cycle high, indicating a bullish trend. High liquidity, reflected in its substantial market cap, adds to XRP’s appeal.
An intriguing aspect is the negative yearly inflation rate of -1.79%, signifying a reduction in the overall XRP supply. These collective factors contribute to a positive outlook for XRP, positioning it as a robust contender in the ever-evolving cryptocurrency landscape. Investors may view these trends as indicative of potential future gains and stability.
5. Arbitrum (ARB): Riding High on Bullish Momentum
In the latest data, Arbitrum is priced at $2.33, marking a substantial 20.07% increase in the past 24 hours, with a notable trading volume of $5.31B. The market cap for Arbitrum is $2.97B, contributing to a market dominance of 0.17%. Arbitrum reached its peak value on March 23, 2023, at $8.67, while its all-time low was recorded on September 11, 2023, at $0.744259.
Since attaining its all-time high, Arbitrum experienced a cycle low of $0.744259 and a cycle high of $2.38. The current sentiment suggests a bullish outlook, supported by a Fear & Greed Index reading of 76 (Extreme Greed).
With a circulating supply of 1.28B ARB, Arbitrum’s robust performance and positive market sentiment make it an intriguing asset in the cryptocurrency landscape. Investors may view the current trends as indicative of potential opportunities for growth and market influence.
The current state of ARB reflects a favorable trading environment as it is positioned above the 200-day simple moving average. Over the last 30 days, ARB has witnessed 16 green days, constituting a 53% positive trend, showcasing strong market momentum.
Trading in proximity to its cycle high, ARB indicates sustained strength in its price performance. The cryptocurrency also demonstrates high liquidity, evidenced by its significant market capitalization.
These collective factors suggest a positive trajectory for ARB, with the potential for continued bullish momentum in the near term. However, investors should remain vigilant, monitoring market dynamics for potential shifts in sentiment or price trends.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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