Ether’s Dominance Is Growing, And So Is The Number Of Its ETF Applications

·2 min read

Ethereum’s dominance in the cryptocurrency market is growing. This has also led to more institutional investors seeking access to the second-largest cryptocurrency.

Kryptoin Files For An Ether (ETH) ETF With The SEC

The number of cryptocurrency exchange-traded funds (ETF) applications with the United States Securities and Exchange Commission (SEC) continues to increase. This time, an ETF that would track the performance of Ether was filed with the regulatory agency.

Kryptoin, a Delaware-based digital finance firm, has filed with the US SEC to launch an Ether-focused ETF. According to the SEC filing, the ETF’s objective is to provide investors with exposure to Ethereum at a trading price that is in line with the actual Ethereum market, where investors get to buy and sell ETH.

Kryptoin said the ETF would value its shares daily as determined by the CF Ether-Dollar US Settlement Price. The digital asset firm is not new to the cryptocurrency ETF world as it has also filed to launch a Bitcoin (BTC) exchange-traded fund with the US regulator. Although the US SEC is yet to approve a single cryptocurrency ETF application, more proposals continue to pour in as institutional investors seek more ways to gain exposure to the crypto market.

Ether’s market dominance is growing

The Kryptoin Ether ETF is the third submitted to the US SEC after WisdomTree and VanEck filed theirs earlier this year. In the past, all the crypto ETFs were focused on Bitcoin, but now Ethereum is getting a slice of the market.

The increasing institutional interest in Ether has to do with its performance over the past few years. Ether remains the second-largest digital currency by market cap, but it has been eating into Bitcoin’s share in recent months. Bitcoin’s market dominance stands at 43.2%, while Ether’s dominance has grown to 18.8.

ETH/USD chart. Source: FXEMPIRE
ETH/USD chart. Source: FXEMPIRE

The Ethereum network is home to most decentralized finance (DeFi) protocols and nonfungible tokens (NFTs), leading to a surge in activities. Ether is currently up by 3.7% over the past 24 hours and is trading above the $3,200 mark on most crypto exchanges. The price could soar higher and reach $3,500 over the weekend if the bullish market trend continues.

This article was originally posted on FX Empire