State of the Markets Following Ethereum ETF Euphoria!

Following an announcement from James Seyffart and Eric Balchunas on highly speculative news that the SEC has changed its tune about approving the first spot Ethereum ETF, crypto traders piled in money to react to the suddenly more optimistic tune.

Traders had been straying away from ETH and altcoins for the past two months following the harsh retracements that happened market-wide after Bitcoin's March 14th all-time high. But March 20th, in particular, ended up being one of the best price performance days of 2024, sparked by the news of investors getting likely opportunities of increased exposure to the ETH network and crypto's first altcoin.

From a weekly perspective, the market cap gains across crypto have been absolutely enormous, including BONK +44%, UNI +43%, and LDO +38%:

But these aren't just anomalies. The overall crypto market cap has jumped +12% in