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Ether, the second-largest cryptocurrency by market value, reached levels not seen for almost two years on Monday as investors anticipated approval of spot ether exchange-traded-funds (ETFs) in the U.S. Ether (ETH) climbed to $2,984 yesterday, the highest level since April 26, 2022, according to data from TradingView. Ether hovers around $2,933. Analysts expect ETH’s price to rise in the near future, perhaps reaching $3,600. Kenny Hearn is the chief investment officer at SwissOne Capital. He said that we are close to reaching levels of $3,150 – $3,300. The next level would be $3600, and we believe this will be quite easily achievable in the next few months as the altcoins continue to catch up. Bitcoin, the biggest cryptocurrency by market cap, was not much changed on Tuesday. Altcoins that gained included Filecoin FIL which rose 17% and Hedera HBAR which increased 8%.

Starknet, an Ethereum-based rollup company, distributed 728 million tokens in a massive airdrop to 1.3 million addresses. It was hailed as the largest of the year. The initial supply was 10 billion tokens. The fully diluted value, or FDV, is the theoretical market cap if all of the supply were in circulation. It stands at 35 billion dollars. Actual market cap is $2.32 billion, which is equal to the current supply multiplied with the current price.

The demand for Bitcoin (BTC), exchange-traded fund accelerated last week, as they raked up a record amount of $2.4 billion from the $2.45 million that was invested in digital asset investment products. Crypto asset management firm CoinShares announced this on Monday. Allocations into the newly BlackRock’s IBIT attracted $1.6billion and Fidelity FBTC $648m over the last week. James Butterfill is the head of research at CoinShares. “This represents an acceleration of net flows, which are distributed among many providers. This indicates an increased interest in spot-based exchange traded funds.”

Chart of the Day

  • The chart displays the notional open interest, or the dollar amount of the number active ether contracts on CME.
  • For the first time in late 2021, open interest is rapidly approaching the $1 billion mark. This indicates renewed investor interest.
  • Source: Velo Data

– Omkar Godbole

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Sheldon Reback is the editor.