Are you keeping an eye on the global altcoin market? TradingView’s TOTAL2 metric provides valuable insights into the movements of all listed crypto assets excluding Bitcoin. This real-time data can give you a better understanding of how the altcoin market is performing on a larger scale.
In a recent analysis, it was found that the global altcoin market experienced a $73.3 billion decrease in market cap over the past week. This 6.9% decline is significant, but what’s even more interesting is the performance of Ethereum (ETH) during the same period. Ethereum’s price dropped by 9.8%, which is below the market average and indicates underwhelming performance.
The negative sentiment surrounding Ethereum can be attributed to various factors, including delays in ETF approval prospects in the US. While regulators in Hong Kong recently approved spot ETH ETFs for trading, hopes were raised for a similar move by the US SEC. However, with lower trading volumes in Hong Kong compared to the US market, this development did not have the desired impact.
Adding to the uncertainty, the news of Grayscale withdrawing its Ethereum ETF application further dampened the prospects of approval in 2024. As the largest Digital Assets Manager in the US, Grayscale’s actions can significantly influence market sentiment and investor confidence in the future of Ethereum ETFs.
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