Tokens within the Ethereum ecosystem, including LDO, ARB, and MNT, surged by up to 7% following the announcement of Franklin Templeton's plans to introduce a spot ether ETF. This development contributed to a positive sentiment within the market.
Despite Bitcoin briefly surpassing the $50,000 mark on Monday, indicating renewed optimism among traders, Google search interest in Bitcoin remains at an all-time low relative to its price.
This suggests a lack of retail interest in the cryptocurrency.
Solana's SOL stood out among major cryptocurrencies, experiencing an 8% increase in value.
Additionally, Ether (ETH) saw a 6.6% rise, while Avalanche's AVAX spiked by 6%. BNB Coin (BNB) and Cardano's ADA observed relatively modest gains of 3%.
The CoinDesk 20 index, which tracks the twenty largest tokens by capitalization and volume (excluding stablecoins), rose by 4%, reflecting the overall positive sentiment in the market.
The announcement of Franklin Templeton's plan to launch a spot ether ETF contributed to the growth of Ethereum ecosystem tokens like Lido's LDO and layer-2 tokens such as Arbitrum's ARB and Mantle's MNT, all of which saw increases of up to 7%.
The recent surge in major and alternative tokens coincides with Bitcoin's return to the $50,000 level for the first time since late 2021.
Spot Bitcoin ETFs have gained traction, accumulating over 192,000 tokens since their launch nearly a month ago.
Despite these positive indicators, market observers note that Google Trends data shows a persistent low in Bitcoin search interest compared to its price.
This discrepancy suggests that retail interest in Bitcoin remains subdued, potentially signaling possible price retracements in the short to medium term.
Ryan Lee, Chief Analyst at Bitget Research, emphasizes the importance of considering psychological market levels, such as Bitcoin's price range between $50K and its previous all-time high.
Such levels could trigger significant price retracements, especially in the absence of significant upcoming news events apart from the halving, which may yield returns in the medium to long term.
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