Ether’s Spot Trading Market Share on the Rise

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The recent SEC approval for a spot Ether ETF has brought some relief to Ethereum. Attention on Ether had dwindled after hopes for an ETF were dashed earlier this year and after the Dencun upgrade was implemented.

While Bitcoin flourished after the launch of its spot ETF and many other cryptocurrencies experienced strong rallies in the first few months of the year, Ether lagged behind in terms of performance.

For example, the BTC/ETH chart, which measures the value of Bitcoin in terms of Ether, showed that one Bitcoin was worth 5 more Ether in mid-January compared to May 17.

However, the ratio dropped below 18 Ether after the value of Ether spiked in anticipation of an ETF approval, bringing the pricing between the two back to earlier levels.

Similarly, the SOL/ETH chart also saw significant changes, with 1 SOL being able to buy about four times more Ether than a year ago, despite Ethereum’s recent rise in value.