ETH spike above $2.4k triggers double-digit gains for LDO, ARB, RPL

Ethereum (ETH) price has increased 8.5% in the past 24 hours to hit highs of $2,448 across major crypto exchanges (it rose to $2,459 on Coinbase). Against Bitcoin (BTC), the worlds second largest cryptocurrency by market cap had risen by over 12% to 0.05392 BTC.

ETHs gains come as BTC hovered above $45,300, more than 3% down in the past 24 hours.

Ethereum price chart on Wednesday, January 10, 2024. Source: TradingView

Lido DAO, Arbitrum and Rocket Pool soar as ETH hits $2.4k

While Ethereum was up 8.5%, a number of altcoins were surging double-digits. According to data from CoinGecko, Ethereum ecosystem coins Lido DAO (LDO), Rocket Pool (RPL), Arbitrum (ARB) and Optimism (OP) were all skyrocketing as ETH gained momentum.

Liquid staking governance tokens LDO and RPL traded 19% and 21% up respectively at the time of writing, with Lido DAO changing hands at $3.86 and Rocket Pool at $33.37. Meanwhile, the native tokens of Ethereum layer-2 platforms Optimism and Arbitrum were up 16% and 19% respectively. OP traded at $3.71 and ARB at $2.01 at 11:24 am ET on Wednesday.

The upside momentum experienced by Ethereum and the related coins came after Tuesday‘s farcical news alert about the approval of spot Bitcoin ETFs. The fake post on the SEC’s official X account resulted in BTC shooting to a 19-month high above $48,000 on Binance.

However, SEC Chair Gary Gensler‘s official X account said the approval news was false as the regulator’s account had been hacked. BTC plummeted to lows of $45,000. Today, the flagship cryptocurrencys price reached an intraday low of $44,383 on Binance and $44,320 on Coinbase.

Analysts are however upbeat about BTC price, with Fundstrat‘s Tom Lee predicting Bitcoin could reach highs of $150,000 in the next 12 months. Among catalysts for the bull run is the highly anticipated spot ETF approval and Bitcoin’s upcoming halving.

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