Experts turn their attention to Spot Ethereum ETF: Will Ethereum Classic and NuggetRush benefit again?

TLDR:

• The approval of a spot Ethereum ETF is now the strongest narrative in the crypto community.
• Ethereum Classic is one of the top altcoins looking to rally off a potential approval.
• Following its 80% increase, NuggetRush could jump 25x after a spot ETF approval.

Although the ETF impact on crypto prices has predominantly been negative in the first two weeks, the crypto market has turned its attention to a spot Ethereum ETF. According to recent reports, there are seven ETFs for Ethereum waiting to be approved.

In other news, Ethereum Classic (ETC) benefited from the last ETH rally and will be looking to extend its gains. Meanwhile, NuggetRush has already yielded gains of more than 80% as investors show support for its impact gaming model.

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A Spot Ethereum (ETF) is closer than first expected

Many analysts predicted that it would take a while for Ethereum to get its own spot ETF after the SEC decision on Bitcoin ETF was announced on January 11. However, it is now certain that an ETH spot ETF will be approved soon.

According to a recent report, there are seven filings for a spot Ethereum ETF waiting for approval. These applications are from VanEck, Ark Invest, Fidelity, iShares, Grayscale, Invesco, and Hasdex. The SEC has issued deadlines between May and August for these products. 

The Kaiko Research team has reported that approval is the biggest narrative in the crypto space. This is because, unlike Bitcoin, a market rally is expected for Ethereum. Many experts expect the price of ETH to surpass $5,000 before the year ends.

NuggetRush (NUGX) forms pattern for parabolic rise in 2024

During the recent bear market, NuggetRush (NUGX) is one of the best altcoins that remained bullish. In the last few weeks, its price has increased by 80% as NUGX set a new high at $0.018. The massive support for the impact gaming model of NuggetRush has fueled this rally and helped set the ground for a major NUGX rally in 2024.

NuggetRush has created a very cool game that offers a unique play-to-earn (P2E) experience. In this game, players can win gold and NFT rewards by participating in mining challenges. There are multiple landscapes covered in resources like gold that players can mine and earn rewards for themselves.

The game is designed to be challenging, with players competing against each other to build the largest mining operation. However, NuggetRush stands out as one of the top DeFi projects in its social impact.

As players earn, a portion of the rewards are sent to artisanal miners in underdeveloped regions. This unique gaming model has set NuggetRush apart from the competition. This is why market experts believe its ERC20 coin, NUGX, could soar by 50x in 2024.

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Ethereum Classic (ETC) set to benefit from a SEC approval

When the crypto market was bullish in anticipation of Bitcoin ETF approval, Ethereum Classic (ETC) was one of the biggest gainers. Outperforming ETH, the price of Ethereum Classic jumped by more than 50% to set a 2024 high at $32.00.

Although the price of ETC has retraced along with the crypto market, there are still high expectations for Ethereum Classic. Many experts have bullish predictions for ETC because it has become a refuge for PoW miners seeking Ethereum features.

The network also performed a major upgrade to help Ethereum Classic maintain protocol parity with Ethereum. According to Finbold, Ethereum Classic could rally from $23.00 to $100.00 in 2024, making it one of the best altcoins to buy.

Closing thoughts

The approval of a spot Ethereum ETF has become a hot topic in the cryptocurrency community, and for good reason. With approval, we could see a potential rally for ETC while NuggetRush continues to dominate the GameFi sector. 

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