Ethereum: towards a new era between ETFs, memecoins and DeFi on the rise

By KMatt | Blogging Crypto | 28 May 2024

The recent green light from the US SEC for Spot ETFs on ETH has kicked off a new era for the second cryptocurrency by market capitalization. Although the wait for the start of trading has not yet been satisfied, the positive impact is already tangible: the Ethereum ecosystem is in turmoil and bullish signals abound.
A driving rally for ETH and altcoins
Ethereum has increased by around 3% in the last 24 hours, considering a weekly rally of 26%. The outlook for ETH price remains bullish, with ETFs potentially serving as a catalyst for long-term growth.
DeFi on the rise: TVL at the highest since May 2022
The enthusiasm for Ethereum is also reflected in the DeFi sector, where the TVL reached $66.61 billion, the highest figure since May 2022. The growth is mainly driven by layer-2, including Arbitrum which increased by 28% in the last 7 days.
Altseason upon us?
Despite the general optimism, the Altcoin Season Index, which measures the performance of altcoins against Bitcoin, shows that only 35% of the top 50 altcoins have outperformed BTC in the last 90 days. To confirm the start of an altseason, a share greater than 75% would be required.
Pectra: a network upgrade on the horizon
Another factor contributing to the positive sentiment is the upcoming Pectra network upgrade, scheduled for the first quarter of 2025. This upgrade is expected to lead to significant improvements in EVM code and network performance, paving the way for new opportunities for Ethereum ecosystem.

In conclusion, the approval of ETFs and the next update represent a key moment for the blockchain and open up new perspectives for its future. While the road to lasting growth is still long, positive signs abound and optimism within the community is more than palpable.



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