AAVE price rebounds as Aave TVL skyrockets on Ethereum ETFs optimism 

Aave (AAVE) has recorded significant surges over the past week, climbing 13% to new highs of $99.51. 

The crypto changed hands at $93.9 during this writing following slight broad-market-triggered dips. 

The notable price increase from Monday’s $84.75 zone came from enhanced market sentiment amid spot Ethereum exchange-traded funds approval expectations.  

The launch of Ethereum custody services by SEC-licensed firm Prometheum added to this optimism.

Ether ETHs propelling AAVE’s growth

The Ethereum-based lending protocol has grown substantially since Monday, with its total value locked soaring by $2.26 billion to $13.33 billion – the highest value since May 2022. 

Increased investor attention on Ethereum amidst the potential spot ETH ETFs authorization by the United States SEC propelled Aave’s TVL.

Ethereum-related projects flourish 

Decentralized finance protocols display renewed momentum due to the buoyancy surrounding Ether ETFs.

Ethereum-based decentralized exchange Uniswap saw its TVL surge by $837M since Monday. Also, UNI’s price jumped from $7.65 to press time values of $9.69. 

Also, altcoins PepeCoin felt the buzz, skyrocketing to new all-time highs. PEPE has its market cap at $5.80 billion – a 32.4% surge over the past week.

Market participants will watch the SEC’s decision on spot ETH exchange-traded funds, expected today.

Note: SEC #Ethereum ETF approval deadline 2.5 hours time.

— MartyParty (@martypartymusic) May 23, 2024

Bullish updates will trigger notable price movements in the altcoin market, boosting Aave’s recovery.

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