The cryptocurrency market is currently awaiting the introduction of an Ethereum ETF after the approval of a Bitcoin ETF. Meanwhile, because of Pullix’s security, investors are becoming more interested in ERC20 tokens.
What Has Happened To Bitcoin (BTC) Since Its ETF Approval?
The United States Securities Exchange Commission (SEC) recently approved 11 spot Bitcoin ETFs—the news of the approval spiraled across the crypto community.
Before the approval, analysts predicted a surge in Bitcoin price due to increased inflows from institutional investors. Standard Chartered analysts predicted fund inflows ranging from $50 billion to $100 billion in 2024.
However, Bitcoin has yet to rally a few days after the Bitcoin ETF approval. According to CoinMarketCap, Bitcoin price has fluctuated between $41,753.68 and $48,494.62 in the past week.
At the moment, Bitcoin is facing huge selling pressure around the $48k level. Still, analysts remain bullish on the flagship cryptocurrency. All eyes are now on the Bitcoin halving to spark a bullish run. Analysts predict a surge to $50k and $100k in the long run.
Ethereum (ETH) ETF Approval Coming?
Since the US SEC approved spot Bitcoin ETF, the crypto community has been betting on spot Ethereum ETFs. While some analysts believe spot Ethereum ETFs could be next in line, others have a different opinion. An example of such an analyst is JPMorgan’s Nikolaos Panigirtzoglou.
According to the analyst, the regulator must classify Ethereum as a commodity before approving spot Ethereum ETFs. On the other hand, Bloomberg ETF expert Eric Balchunas forecasts a 70% possibility that an Ethereum ETF will be approved by May.
Several big firms, including Fidelity and BlackRock, have filed for spot Ethereum ETFs. An approval of Ethereum ETF could push the price of Ethereum as high as $4500, per analysts.
Pullix (PLX) Native Token Catches Investors’ Interest
Pullix (PLX) ERC20 token, PLX, has been the main talk of investors since the beginning of its presale. The token is built on the Ethereum blockchain, meaning more security. Also, its price has increased 100% to $0.08 in less than a month. All these have gained attention among investors.
The upcoming launch of the Pullix exchange also adds to the increased interest from investors. This DeFi project is prepared to launch in Q1 2024 following its presale. It is a hybrid exchange platform, combining the strengths of both centralized and decentralized exchanges.
Users of the Pullix platform are able to trade in a range of markets such as stocks, commodities, forex indices and options. Daily turnover in the forex market is more than $6.6 trillion. Given the profit-making nature of PLX, analysts are positive about its growth in 2024. Pullix allows users to generate passive revenue by staking the PLX altcoin.
Staking basically implies locking tokens in a smart contract to strengthen the platform’s liquidity. Based on the quantity and duration of staking, a reward is issued. As the period of investment increases, the profits increase, too. Pullix further presents the Market-Making Liquidity Contribution, which means that any user can act as a market maker and contribute liquidity to this platform.
The annual return paid to market makers on Pullix is between 8% and 18%. This strategy is likely to increase the number of users using Pullix, which will encourage its use. With its price now standing at $0.08 per token, Pullix is already regarded as one of the best DeFi projects to invest in 2024.
Final Thoughts
While Bitcoin ETF approval has not given the expected price movement, investors are hoping Ethereum will perform differently. Meanwhile, analysts are predicting a 100x rise in Pullix’s altcoin value.