Ethereum ETF approval could benefit them the most: 10 prominent tokens

Ethereum ETF decision is approaching as the hours go by. SEC will announce its decision at the latest on Thursday. If approved, it could benefit the most which cryptocurrencies along with a price increase in Ether? Correlation data can help answer this question.
Ethereum ETF decision is now very close. While the prevailing view was that the SEC would reject ETF applications until this week, the recent developments have significantly increased the likelihood of approval by the institution. This situation also reflected on the price of Ether. The second largest cryptocurrency by market value, which was traded at $3,000 yesterday, has now exceeded $3,800.

SEC's increasing signs of approving ETF applications are not only positively affecting Ether, but also the overall market. Some cryptocurrencies are experiencing even stronger increases and are diverging. It is not surprising that most of these are part of the Ethereum ecosystem. So, if Ethereum ETFs are approved and bring price increases to Ether, which tokens can benefit the most? Looking at correlation data that shows how similar price movements are between assets can help answer this question.

Based on this, we examined the correlation of the top 200 cryptocurrencies by market capitalization with Ether. The price movements from the past to the present, the first 10 cryptocurrencies that resemble Ether the most are as follows:

ANT: 1.00
UNI: 0.99
METIS: 0.98
ENS: 0.96
BONK: 0.94
ETC: 0.94
PENDLE: 0.94
AAVE: 0.93
LRC: 0.93
1INCH: 0.93
The correlation coefficient varies between -1 and +1. +1 indicates perfect positive correlation, -1 indicates perfect negative correlation, and 0 indicates no relationship. In the example of cryptocurrencies, those with values closest to 1 and -1 represent the ones that move most in line with the price of Ether.

Outside of the top 10, other tokens with high correlation are as follows:

MKR: 0.92
THETA: 0.91
LTC: 0.91
WOO: 0.92
AVAX: 0.90
RON: 0.90
ENJ: 0.90
SKL: 0.89
ARB: 0.88
INJ: 0.88
GNO: 0.88
CRV: 0.88

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