The approval of multiple Spot Bitcoin ETFs has significantly changed the ETF landscape within the cryptocurrency community, especially among traders and investors. This has fostered a more positive outlook, and many market participants are hopeful that an Ethereum-based ETF will soon be approved.

Recent data has reinforced these optimistic sentiments, leading to heightened expectations for an Ethereum ETF approval. This development has also positively impacted other altcoins.

According to Santiment, a prominent cryptocurrency on-chain analytics platform, the positive sentiment around a potential Ethereum ETF has led to a price surge for other alternative tokens. Over the past 48 hours, ETH, UNI, PEPE, BONK, and LDO have collectively increased in value by more than 20%. The market capitalization of BONK, UNI, and LDO has risen by 44%, 43%, and 38%, respectively. Meanwhile, Bitcoin’s price also saw an increase, reaching $72,400 for the first time in six weeks.

Santiment noted in a Twitter post that the excitement over Ethereum’s first spot ETF has driven one of crypto’s top five days of 2024, with ETH, UNI, PEPE, BONK, and LDO all gaining over 20% within 24 hours. Bitcoin's rise to $71.4K has almost been overshadowed by these developments.

In the long term, the approval of multiple altcoin-based ETFs will likely depend on the approval of a spot-based Ethereum ETF. A positive decision from the SEC on current Ethereum ETF applications could pave the way for future altcoin ETF approvals.

Interest in Ripple's XRP has also grown recently, with its price increasing by 5.48%. Last year, XRP reached $0.7503 amid rumors that BlackRock had filed for an XRP-spot ETF. In January, Valkyrie’s Chief Investment Officer, Steve McClurg, expressed hope for a spot XRP ETF and suggested a similar possibility for Ethereum. He told Bloomberg, “I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress.”

While ongoing legal issues could impede some developments within the Ripple ecosystem, an approved Ethereum-spot ETF might encourage asset managers to submit XRP-spot-based applications as significant investments continue to flow into XRP ETFs.

There are several indicators pointing to the potential approval of an Ethereum ETF. Five asset managers have filed for a Spot Ethereum ETF, reflecting growing interest from key market players. Additionally, SEC staff have reportedly indicated a favorable stance towards approval.

Although the market had moved away from ETH and other altcoins in the past two months due to a downturn, it experienced a major correction on March 20th, which Santiment described as one of the best price-performance days of 2024. This was driven by news of potential increased exposure to the ETH network and crypto’s first altcoin.

Currently, ETH is trading at $3,762, maintaining over 16% of its one-month price value, making it the best-performing altcoin among the top four, surpassing BTC, USDT, and BNB.