From Bitcoin’s popularity to its ETF launch, the market is now seeing an increase in ETFs, including Ethereum, which has attracted millions of new investors and billions of fresh funding.
Yet after the approval of ETFs of these two prominent cryptocurrencies, the market is now awaiting approval of other ETFs, including Dogecoin, Litecoin, Solana, and XRP.
Most recently, it has been reported that Bitwise, the prominent asset manager, has become the first to launch a Chainlink ETF intended to hold and track the native token of Chainlink.
The filing with the U.S. SEC, dated August 26, notes that the Bitwise Chainlink ETF aims to hold and offer in-kind creation and redemption of LINK, enabling investors to purchase and sell shares via the Chainlink token.
However, Bitwise is yet to reveal the ticker under which it is planning to list this Chainlink ETF. Yet the filing by the asset manager seems to have boosted the confidence of institutions in the Link token.
The SEC this month has delayed its decision over several spot ETFs, terming it as an extended review for consideration and approval.
ETF filing backed the surge in the Chainlink token
At the time of writing Chainlink token is trading at $24.05 with a surge of 3.19% in the past 24 hours, and at the same time, the market cap grew by 3.19% reaching $16.31 billion.
According to the data available on TradingView Link token is currently trading above all its crucial EMAs, including 20-day, 50-day, 100-day, and 200-day, and has added 25.46% to its prices in the past 30 days.
However, the prices surged 53.88% in a quarter, 59.93% in the past 6 months, and more than 20% in the year to date.
Market experts argue that in the weekly time frame, if the prices continue their bullish path, there are higher chances of it marking the resistance of $29.60, followed by $35.00 and $43.735.
Over the last few months, Chainlink has partnered with dozens of platforms and has made more progress towards development, which has also helped its market capitalization to reach a new mark.
It is worth noting that the market capitalization of Chainlink is up by 2.61% in a week, around 25.67% in a month, and more than 28.62% YTD. The press time market cap of Link is near the mark it mirrored during January this year.
