Move aside BTC: The Ethereum network’s cryptocurrency token Ether — the second largest after BTC — hit the USD 3k mark for the first time since April 2022 yesterday, as investors anticipate the approval of a spot-based Ether exchange-traded fund (ETF), Bloomberg reports.

The view from (digital) trading floor: Ether has grown at a faster rate in the market than BTC so far this year, with Ether having climbed 28%, compared to BTC’s 21%.

And Ether’s gains are expected to continue: “I expect Ether to continue to outperform BTC in the coming months, at least until April-May when the potential ETF approval looms closer,” digital asset platform OSL’s head of sales trading Stefan von Haenisch told the business information service.

But Ether ETFs are by no means a sure thing: Analysts are split over whether the approval of BTC’s ETFs in January will pave the way for other cryptocurrencies to follow suit, as some analysts have indicated doubt that the US Securities and Exchange Commission would grant approval to Ether’s ETFs.

EGX30

29,292

-0.1% (YTD: +17.7%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,634

+0.2% (YTD: +5.6%)

ADX

9,389

-0.1% (YTD: -2.0%)

DFM

4,255

-0.5% (YTD: +4.8%)

S&P 500

4,982

+0.1% (YTD: +4.4%)

FTSE 100

7,663

-0.7% (YTD: -0.9%)

Euro Stoxx 50

4,775

+0.3% (YTD: +5.6%)

Brent crude

USD 83.03

+0.8%

Natural gas (Nymex)

USD 1.78

+0.5%

Gold

USD 2,036.60

+0.1%

BTC

USD 51,388.81

-1.3% (YTD: +21.4%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 5.5 bn (38.2% above the 90-day average). Foreign investors were net sellers. The index is up 17.7% YTD.

In the green: Alexandria Containers and Cargo Handling (+9.6%), Delta Sugar (+4.1%) and Eipico (+3.0%).

In the red: E-Finance (-2.5%), Ibnsina Pharma (-2.5%) and Orascom Development Egypt (-2.0%).

Tags: