In a wave fueled by speculation about possible approvals for Ethereum ETFs, Ethereum's value skyrocketed on May 20. In fact, it recorded the largest single-day increase in market value to date. The cryptocurrency's price rose by more than $590 within 24 hours, pushing its market capitalization up by more than $70 billion to reach $3,660, a level not seen since early April.
This dramatic increase has resonated throughout the cryptocurrency community, leading to renewed discussions about the future of Atheneum. Billy Markus, co-founder of Dogecoin and known as Shibetoshi Nakamoto, commented on the price increase and suggested a bullish long-term outlook for Ethereum. Markus expressed hope that ETH would reach $100,000, reflecting broader optimism among crypto enthusiasts.
Markus also highlighted the volatility and unpredictability of the crypto market. He noted the ironic timing of market movements, where personas – buying or selling – often coincide with immediately opposite shifts. This common experience of traders underlines the difficulty in timing traders and the market's notorious volatility.
Billy Markus' bold prediction
Markus' ball prediction that Ethereum will reach $100,000, while ambitious, reflects the optimism of many in the crypto community who believe in the long-term potential of blockchain technology. Although speculative, the recent surge highlights the impact that regulatory developments and market sentiment can have on cryptocurrency prices.
Furthermore, Markus' statement points to the speculative nature of the crypto market. However, it also reflects a broader belief in Ethereum and the market's transformative potential.
Also Read: Dogecoin (DOGE) Crosses $0.15, Data Indicates More Gains in May
Surge and catalysts
On May 20, Ethereum rose 27% against the US dollar. This spike was caused by speculation from the US Securities and Exchange Commission [SEC] could approve several Ether-listed funds [ETFs]. The anticipation of these ETFs created bullish sentiment among investors, leading to significant market activity.
Also read: Ethereum (ETH) expected to reach $10,000: here's when
Ethereum's price rose from $3,144 to $3,668, with a 24-hour market volume of $38.2 billion. ETF analysts James Seyffart and Eric Balchunas increased their approval odds for a spot Ether ETF from 25% to 75%, fueling speculation. Approval of these ETFs is seen as a major milestone that could lead to more institutional investment and broader market acceptance.
Whether Ethereum reaches $100,000 or not, these developments highlight the significant impact that regulatory decisions and market sentiment can have on the future of digital assets.