After the SEC gave its approval for a spot ether ETF, Ethereum's fortunes began to change. In the first few months of 2024, the crypto market saw a surge, and Ethereum was lagging behind other crypto assets, including Bitcoin. However, the approval for a spot ether ETF has brought renewed attention to Ethereum, and its spot trading market share has seen a significant rise.

In January, the price of Bitcoin in terms of Ethereum was 16.6 ETH, but by May 17, it had increased to 22.2 ETH. This meant that one Bitcoin was worth five more Ethereum than it was at the start of the year. However, after the SEC approval, the ratio dropped, bringing the pricing between the two back to what it was earlier in the year.

The SOL/ETH chart also saw a significant increase, with one SOL able to buy four times as much Ethereum as it could a year ago. Despite Ethereum's recent climb, its spot trading was still behind its main cryptocurrency peer, Bitcoin. However, the gap between the two has narrowed, with Bitcoin's moving average dropping to $12.89 billion in trading volume compared to Ethereum's $11.26 billion.

In notional terms, the disparity between the two is the closest it has been since January 2020, before the first major bull market. Ethereum's 87% of Bitcoin's daily volume is its largest relative share ever, with the previous peak being 85% in June 2021. The increase in Ethereum's spot trading market share is significant, especially given that this is Ethereum-centric news that has pushed the asset's value upwards.

The rise in Ethereum's popularity can be attributed to the SEC's approval for a spot ether ETF. This move has brought renewed attention to Ethereum and has pushed its value upwards. The fact that Ethereum's spot trading market share has seen a significant rise is a testament to its growing popularity in the crypto market.

Ethereum's growth can also be attributed to its decentralized and open-source blockchain platform, which enables the creation and execution of smart contracts and decentralized applications. Launched in 2015, Ethereum has grown into a prominent platform for various blockchain-based applications and services. Its native cryptocurrency, ether (ETH), has also seen significant growth, with its value increasing over the years.

However, investing in Ethereum comes with risks, and investors should be aware of the volatility of the crypto market. The price of Ethereum can fluctuate significantly over short periods, and investors should be prepared for potential price swings. Regulatory uncertainty is also a concern, as the legal landscape for cryptocurrencies and related investment products is evolving.

Despite these risks, Ethereum's growth and popularity are significant, and its spot trading market share is expected to continue to rise. The SEC's approval for a spot ether ETF has brought renewed attention to Ethereum, and its value is expected to increase in the coming months. As the crypto market continues to evolve, Ethereum is likely to play a significant role in its growth and development.