Ethereum jumps 18% as speculation grows of SEC approval grows

The value of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has surged nearly 18% against the U.S. dollar. This increase is driven by speculation that the U.S. Securities and Exchange Commission might approve some spot Ether exchange-traded funds.

On Monday, Ethereum reached an intraday peak of $3,691 per coin amid swirling rumors on social media and forums about the potential SEC approval of several spot ETH ETFs. According to a report by Coindesk, three sources indicated that exchanges were allegedly instructed by the SEC to update their 19b-4 filings "on an accelerated basis."

We also saw Bloomberg analysts Eric Balchunas and James Seyffart raised their approval predictions from 25% to 75%. Immediately after the speculation, ETH saw a substantial increase, rising from $3,140 on May 20 to a high of $3,691 per coin later the same day.

ETH has appreciated by 17.96% against the U.S. dollar, gaining $551 in value over the past few hours. Ether's dominance in the $2.58 trillion cryptocurrency market is now 17%, with an overall market valuation of $436 billion.

Ethereum was the third-highest trade volume of the day, with $26.99 billion traded in the past 24 hours.

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