It became known that last week the U.S. Securities and Exchange Commission rejected BlackRock’s application to open a spot fund for Ethereum and decided to return to this issue later (March 10). The regulator took such a step because it did not want to create a stir around such instruments. Moreover, its representatives referred to the fact that the registration and launch of BTC-ETF was rather limited.
However, market participants are sure that the opening of spot funds for the second largest cryptocurrency is a matter of time. Moreover, it is believed that the regulator’s new decision will be announced already this spring. However, investors are not going to waste time waiting. Instead, they are now putting money into a project called eTukTuk.
Why do experts consider this new cryptocurrency on the Binance blockchain to be the best alternative to Ethereum?
The startup falls under the category of green digital assets, and its main goal is to normalize the use of various electric cars (including tuk-tuks themselves). At the same time, early investors who bought $TUK tokens in the pre-sale for $0.02625 are able to not only influence the development of the transportation industry, but also receive cryptocurrency rewards for it. By the way, eTukTuk is in great demand in the community: since the start of the sale, the team managed to raise over $800 thousand.
The eTukTuk project is a development aimed at environmental protection, in which the creators have implemented artificial intelligence technology. It is AI that should help to actively integrate electric cars into everyday life. The technology is supposed to optimize routes so that drivers can reduce the amount of fuel consumed.
It’s worth noting: the funds raised from the presale will go towards research into AI and its environmental applications. In addition, the $TUK token will be used to create blockchain-based transportation structures. The project also offers an early-stacking system that will allow you to start earning coins before they officially appear on cryptocurrency exchanges.
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However, that’s not all: eTukTuk is a complex startup with many different functions, among which there is even a place for a Play-to-Earn game. The main task of the user in it is to quickly drive passengers to the destination point and get more tokens as a reward.
Now the asset is on the 9th stage of the presale (out of 26) and is sold for a favorable $0.02625. However, by the final presale, its value will increase to $0.033 per coin. The token’s features include the following:
- APY – 280%.
- In the future – the creation of a network of charging stations and an application for passengers.
- Working not only in Sri Lanka, but also entering the international market.
Ethereum forecast for 2024
While eTukTuk is becoming increasingly popular in the cryptocurrency segment, the question of the future fate of the second largest digital asset continues to worry investors. Earlier, many market participants came to the opinion that the launch of spot funds for Ethereum is a logical step. Especially after how positively the community perceived the BTC-ETF. However, the US Securities and Exchange Commission had a different opinion.
As already mentioned, the regulator rejected a new application from BlackRock and promised to return to this issue again in March. Specialists note: this decision was due to the fact that the SEC does not consider BTC as a security. In relation to ETH, the position of the regulatory body is not so unambiguous.
At the same time, against the background of this statement, the opinions of crypto-enthusiasts are divided. Some believe that we should not expect a positive verdict this spring. Others argue that the process of consideration of ETH-ETF is similar to the way the regulator previously assessed the situation with bitcoin.
Bloomberg analyst Eric Balchunas also expressed his opinion. He noted that the scenario in which BTC gets its ETF-funds and ETH does not is extremely unlikely.
Another specialist, Matt Hougan (CIO Bitwise), also suggested that spot ETFs for the second largest cryptocurrency have their own prospects. Especially against the backdrop of the already launched futures exchange-traded funds for the coin. However, he also noted the fact that ETH itself is more complex than bitcoin. Therefore, the process of considering such an application may take longer.
While the question of opening ETF-funds remains without a definite answer, the cryptocurrency itself continues to gradually develop. This was especially emphasized by a YouTube user under the nickname Discover Crypto. In one of the videos on this channel, a chart of the price of the asset was presented, which hinted at a possible major rally.
The regularity of the growth of the coin prompted specialists to conclude that the asset can repeat its sharp jump, recorded in 2020. In that period, the token rose in price by about 1000%. Based on this, it can be assumed that ETH is quite capable of rising to a record high of $22 thousand.
In general, we should expect that by the end of 2024, the altcoin has every chance to grow in value to $3.7 – almost $4 thousand per coin.
Completion
As of today, the imminent launch of spot funds for Ethereum seems, for the most part, an unlikely initiative. There are several good reasons for this assumption. First, the SEC’s general negative attitude towards the digital asset space is influential. Second, the regulator’s uncertainty that Ethereum is not a security has an impact.
However, such a hiccup does not prevent ETH from continuing to grow and develop: over the last 24 hours it rose in price by almost 2%, over the week – by 3.28%, and over the year – by almost 45%. At the same time, against the background of the upcoming bullish trend and a major rally, the asset is capable of growing by an average of 1000% (as it already was in 2020).
At the same time, while some market participants are waiting for further developments regarding ETH, others are actively investing in eTukTuk. This is a new project for investors who are concerned about ecology and the possibility of early earnings from steaking.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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