QCP Capital: Market participants are bullish on ETH performance, possibly due to Trump's support for cryptocurrencies

ChainCatcher news, according to The Block, cryptocurrency market maker QCP Capital analyzes that ahead of the upcoming Ethereum ETF, the price of ETH has been continuously rising, with an increase of 35% over the past two weeks, currently approaching $4000.

QCP Capital states that this price trend may stem from comments made by former U.S. President and current leading Republican candidate for 2024, Donald Trump, over the weekend in support of cryptocurrencies, and notes that "from the price trend, market participants seem to show bullish sentiment towards ETH rather than BTC, especially once the ETH spot ETF begins trading, there will be potential institutional demand."