Ethereum application tokens, such as Lido DAO, Rocket Pool, and Arbitrum, are leading the way as the market anticipates the approval of a Bitcoin ETF. Lido DAO’s native token, LDO, has surged to the top spot on the gainers list, with a live price of $3.80 and a 24-hour trading volume of $385 million, marking a 16.1% increase.
The rise in value of Ether and Ethereum-based tokens is attributed to trader optimism surrounding the potential approval of an Ether ETF, following the expected green light for a Bitcoin ETF in the US. BlackRock’s iShares Ethereum Trust, a spot Ether ETF, could benefit from the approval of its Bitcoin counterpart.
Rocket Pool, a decentralized Ethereum staking pool offering competitive APR rates for ETH2 staking, has also seen an uptick in value. With a live price of $31.76 and a 24-hour trading volume of $22 million, Rocket Pool has increased by 14.9% in the last 24 hours.
Arbitrum, an Ethereum layer-two scaling solution utilizing optimistic rollups, has secured the third spot with a live price of $1.94 and a 12.1% increase in value.
As the market reacts to ETF developments, investors are actively navigating the crypto space with significant volatility. Stay updated with the latest cryptocurrency gainers on CoinMarketCap.