Solana’s SOL and Ripple’s XRP were the best-performing cryptocurrencies even after the Ether ETF launch.
On Wednesday, the Nasdaq and S&P 500 experienced steepest declines since late 2022. Despite this, bitcoin (BTC) maintained its value, hovering around the $66,000 mark.
Notably, Solana’s SOL and Ripple’s XRP outperformed the market, rising by 3% to 4%. In contrast, Avalanche (AVAX), Uniswap (UNI), and Ethereum Classic (ETC) fell by 3% to 4%.
Despite a reasonably successful spot ETF launch on Tuesday, Ether’s (ETH) price movement disappointed investors. ETH dropped to around $3,300, marking an almost 4% decline over the past 24 hours. It also reached its lowest value against Bitcoin in two months.
ETH-BTC pair on Binance (TradingView)
Wintermute, a crypto market analyst, acknowledged that the launch may be successful. He, however, stated that the demand for repricing may happen later as the real money interest was not strong enough.
This happened concurrently with a decline in the U.S. stock market which saw a 2.1% fall in the S&P 500 and a 3.6% rise in the Nasdaq.
With Ether ETFs launched, the traders’ attention centers on U.S. economic data release and the Nashville Bitcoin conference. These are scheduled to take place on Friday and Saturday respectively.
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