Ethereum Price Prediction as Franklin Templeton Applies for Ethereum ETF – $10,000 in 2024?
Ethereum surged 7.7% in the last 24 hours to hit $2,673 on news that Franklin Templeton has filed for a spot Ethereum ETF. The price appreciation happens in the midst of a market-wide rally that adds 4.1% to the price of Bitcoin, which topped $50,000 last night.
Exchange-Traded Funds (ETFs) are investment vehicles that directly invest in the underlying assets. Anyone with a brokerage account can invest in these regulated products and they won’t be subject to the same risks as directly holding crypto.
On January 10, the US Securities and Exchange Commission approved Bitcoin ETF applications by ten top investment companies, including asset manager giant Franklin Templeton. The ETF launches were some of the most successful in history, attracting billions in inflows in their first month of trading.
Franklin Templeton boasts a tidy $1.5 trillion in assets-under-management (AUM) and now that Bitcoin ETFs are trading, Ethereum ETFs seem all but inevitable.
The company’s latest filing joins those made by BlackRock, Fidelity, Grayscale, and Ark Invest and 21Shares in recent months.
Everyone is now watching Ethereum’s price to see if ETF hype can sustain it through a bull run. The SEC has until May 23 to approve the applications, so if Bitcoin’s recent history teaches us anything, there’s likely to be more growth right up till that date.
A quick look at the trading chart shows that Ethereum is currently trading at around $8 higher than its 30-day Moving Average, which highlights the feverish excitement for the coin. However, its Relative Strength Index (RSI) is almost 70. This suggests the coin is close to being considered “overbought” so the rally may cool down soon.
An Ethereum Token That Offers Bitcoin
While it’s not certain that Ethereum will hit $10k this year, one thing is clear: it’s where the safe money is. Thanks to its high-functionality smart contracts, Ethereum is widely regarded as blockchain’s second biggest innovation since Bitcoin.
Investors who want to see the power of Ethereum smart contracts can do so and net themselves Bitcoin to boot, thanks to a new Ethereum-based token called Bitcoin Minetrix (BTCMTX), which has so far raised $11.5 million in an ongoing presale that ends in two days.
BTCMTX taps Ethereum’s smart contracts to help investors put their money to work by providing an easy onramp into cloud mining Bitcoin. This means that token holders can mine Bitcoin without needing to buy specialist mining rigs.
It does this through a simple mechanism that requires users to purchase and stake BTCMTX via the website. There’s no minimum buy and token withdrawal is simple, so it’s a fairly low risk way of dabbling in mining.
BTCMTX stakers receive cloud mining credits that represent the amount of hash power at their disposal. The greater the hashpower, the quicker the Bitcoin cloud mining software can throw guesses to break the network’s cryptographic code and validate blocks of transactions to receive rewards in Bitcoin.
The platform rewards staking with more BTCMTX, further fuelling the staking/mining cycle and generating two streams of revenue.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
