Is The Ethereum ETF Approval Good For Bitcoin and KangaMoon?

Bitcoin (BTC) and Ethereum (ETH) are the two largest cryptocurrencies by market cap, which have been the benchmarks in regards to market performance. Typically, their price movements have affected the broader crypto space, where many altcoins saw an upswing the moment in time when BTC and ETH did.

However, the recent Ethereum ETF approval has been a major point of appeal, and now, many are curious if this can be good news not only for BTC but for the KangaMoon (KANG) cryptocurrency, which is up 400% on the charts. We will dive into the price performance for all three to determine which one can become the best crypto investment.

Ethereum Price Increases 20% As Ethereum ETF Gets Approved

The US Securities and Exchange Commission (SEC) approved the sale of spot Ethereum (ETH) Exchange-Traded Funds (ETFs) in the United States, on May 23, 2024. The SEC combined the proposals from NYSE, Nasdaq and CBOE exchanges, which requested changes to existing rules, enabling the trading of these Ethereum Exchange-Traded Products (ETPs) and ETFs.

As a result, the Ethereum price is up 20% in the past week. However, the Ethereum crypto now needs to break past the $4,000 price barrier, as its found support at $3,900. If it does so, based on the Ethereum price prediction, it can end 2024 at $5,313, positioning ETH as one of the best cryptos to invest in.

Bitcoin Price Stagnates – Can It Reach a New ATH?

Bitcoin (BTC) has retained its title as the largest crypto by market cap, despite being at a downtrend during the past week. Despite the Ethereum ETF approval, the Bitcoin price chart is in the red zone, with no signs of it passing the previous all-time high (ATH) of $73,737.94.

However, while the Bitcoin crypto has dropped to $67,000 from its highest weekly value at $71,464.31, it still has potential for growth. According to the latest Bitcoin price prediction, the crypto can end 2024 at $96,986.

KangaMoon (KANG) Reaches 32,000 Users and Spikes 400%

KangaMoon (KANG) has already begun disrupting the cryptocurrency landscape with a groundbreaking convergence of Play-to-Earn (P2E) mechanics, alongside the introduction of innovative Social-Fi elements and a robust utility ecosystem for its native KANG token.

This is a strategic trio which fosters a sustainable user experience, and transcends the fleeting hype often associated with cryptocurrencies in its niche, as it offers tangible value propositions for long-term engagement and potential appreciation.

Moreover, KangaMoon’s blockchain ICO has already seen significant interest, as over 32,000 users signed up, and it has raised a staggering $7.2 million so far. Industry experts anticipate this figure to surpass $8.5 million by month's end. The presale ingeniously leverages Social-Fi functionalities, which are incentivizing participants to amplify the reach of KangaMoon on social media channels organically, which fosters a vibrant and engaged community from the outset.

The P2E game also provides KANG with utility as it is used as the in-game currency and is given as a reward for the completion of battles and tournaments. KANG has seen a meteoric rise, which has risen 400% so far and has grown from $0.005 to $0.025. It secured listings on CoinMarketCap and CoinGecko, where anyone can track its on-chart data and price performance. However, it will also get listed on the reputable BitMart centralized exchange (CEX), which signifies growing institutional recognition and paves the way for broader market access. As a result, analysts project a 100x price increase for KAGNG at launch, making it one of the best cryptos to invest in.

How the Ethereum ETF Approval Will Affect the Future of Cryptocurrencies and Which Is the Best Crypto Investment

It's clear that the Ethereum ETF approval has resulted in a price uptrend for the crypto. While Bitcoin has declined, it still has the potential to reach a new all-time high point of value by the end of 2024. In the meantime, KangaMoon has begun dominating the charts with its 400% uptrend, and at this rate, KangaMoon's multifaceted approach, coupled with its impressive early traction and strategic roadmap, positions it as a strong contender for diversification in 2024.

Discover the Exciting Opportunities of the KangaMoon (KANG) Presale Today!

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