The price of Ether (ETH), the cryptocurrency that powers the Ethereum blockchain, is experiencing a significant surge following the announcement that US asset management giant BlackRock has registered the iShares Ethereum Trust in Delaware.
“Analysts are anticipating that BlackRock is on the cusp of filing a new spot Ether ETF application, potentially leading to a wave of applications from other major asset managers,” stated industry experts.
BlackRock, known for managing over $8.5 trillion in investor funds, had already made a similar move by registering its iShares Bitcoin Trust before filing for its spot Bitcoin ETF application earlier this year.
Currently, ETH is trading at $2,040, its highest level since April. This surge in price mirrors the recent increase in Bitcoin value, which reached its highest point of the year at nearly $38,000. The optimistic outlook regarding the approval of spot Bitcoin ETFs by the US SEC has been a major factor contributing to the 50% growth of Bitcoin since mid-October.
“With Ether up 33% from its mid-October lows and still below its earlier yearly highs, there is potential for it to catch up to Bitcoin,” industry analysts suggested.
Industry experts are not surprised by the possibility of Ether surpassing its previous yearly high of $2,150 in the near future.
