Bitcoin and other cryptocurrencies faced a decline on Wednesday, except for Ether, the second-largest digital token, which managed to hold onto its recent gains and outperform the broader crypto market.
Bitcoin’s value decreased by 0.6% over the past 24 hours, resulting in a price of $42,685. After the approval of exchange-traded funds (ETFs) linked to spot trading of Bitcoin last week, the largest cryptocurrency has been fluctuating within the $42,000-$44,000 range.
On the other hand, Ether observed a slight increase of 0.3%, reaching $2,543. Ever since the approval of the Bitcoin ETF, Ether has managed to maintain most of the gains it achieved, as it rose from approximately $2,300.
Analyst Simon Peters from eToro believes that this positive trend in Ether’s price could be an indication that it might be the next cryptocurrency to have a spot ETF application approved. Peters also highlighted that Ethereum futures ETFs have already been approved and are currently available.
Meanwhile, all eyes are on a scheduled hearing between cryptocurrency exchange Coinbase and the Securities and Exchange Commission (SEC). A federal judge will be presiding over this case where Coinbase faces allegations of operating an unregistered securities exchange. The exchange is striving to have these allegations dismissed in the early stages of the trial.
As for other minor cryptocurrencies, Solana experienced a 0.6% decrease, Cardano witnessed a 1.1% drop, and Dogecoin also declined by 1.1%.