Seemingly out of nowhere the second-largest cryptocurrency, Ethereum (ETH), has skyrocketed in price. Ethereum has gained close to 25% since just the start of the week after some regulatory developments. Is this just a quick pump, or does ETH have more room to climb?

The short answer is that this move certainly has more room to go. The best part is, it is not only Ethereum that is moving this week. The entire crypto market is up so far in the month of May. I now have seen enough evidence to call an end to the market correction that started in March. Bitcoin (BTC) has also been on the move. Bitcoin actually broke above the $70,000 level on Monday and is up over 20% from its May 1st low of under $57,000.

Many other cryptocurrencies have also begun to climb from their correction lows. We are starting to see some life in many altcoins. However, during big market direction changes like this, Bitcoin and Ethereum always tend to lead the way. The strength shown by our two market leaders is giving us confidence in the fate of the rest of the market.

Crypto Policy Shifts

I have written a few articles this month about the politicization of cryptocurrency that has taken place. Well, after Donald Trump held a meeting at Mar-a-Lago to talk with some leaders of the crypto industry, things changed quickly. The Democrats, who had previously held a hostile stance on cryptocurrency have changed their tune.

It all started with the approval of a resolution shooting down the Securities and Exchange Commission’s Staff Accounting Bulletin (SAB) 121. SAB 121 was adding red tape and speed bumps to the process of Wall Street adoption of crypto. Well, as I wrote about here, a little over a week ago Congress shot down SAB-121. As it turns out, that was just the start of the about-face on crypto.

On Monday, news broke that the odds of an approval for the Ethereum ETF had increased from 25% all the way to 75%. The change in odds comes from a system wide shift in the current administration’s stance on cryptocurrency. Orders have come in from the top down to have a more variable stance on cryptocurrency. The first Ethereum ETF decision date is this Thursday May 23.

Additionally, on late Tuesday news broke that the SEC had informed cryptocurrency exchanges that it is leaning towards approval of the spot ETH ETFs… This story is developing quickly.

Disbandment Of The “Anti-Crypto Army”

Things didn’t stop there, as later on Monday news broke that FDIC chairman, Martin Gruenberg, is stepping down. Hostile workplace culture and harassment was given as the reason why he was stepping down. Gruenberg was notoriously harsh towards the crypto industry, and many suspect he orchestrated Operation Chokepoint 2.0. Read up here for more information on Operation Chokepoint 2.0. Gruenberg was an ally of Senator Elizabeth Warren, who famously ran an ad saying that she was building an “anti-crypto army.”

The developments this week have many in the crypto industry very excited.

I for one am stunned with how fast things have transpired. This is the quickest 180 I’ve ever seen on a political stance, and it directly benefits the crypto market. Many other cryptocurrency supporters are equally shocked and overjoyed. These recent events have led some to believe that this may be the greatest week for crypto policy and regulation ever, and it’s only Wednesday.

Ethereum Is Rallying… Swiftly

The market obviously had a very favorable reaction to these developments. The entire market is up so far on the week, but none more so than Ethereum. ETH exploded almost instantly after the news broke on the ETF odds. It is now trading at levels not seen since March. ETH is now trading right around $3,800, up from just under $2,900 a week ago. It is only a about a 10% move from breaking it’s yearly high of $4,085.

Ethereum has gained over $75 billion in market capitalization since the start of the week. To put that into perspective, Solana’s (SOL) total market cap is just under $80 billion.

Of course, this shouldn’t catch you by complete surprise. While the speed of these developments has surprised me, it didn’t completely catch me off guard. As a matter of fact I’ve been warning everyone that the market had not properly priced in the potential for an Ethereum ETF approval. I even wrote this article last Friday warning that Ethereum was being overlooked.

Some of you may know that I recently launched my premium service, Crypto Trend Investor this spring. Well, I made the call to buy ETH for Crypto Trend Investor just last week. Already our members have made gains of over 25%. In just a matter of days the members of Crypto Trend Investor have outperformed the yearly returns of the S&P 500.

Our portfolio of crypto assets are well in the black and our members are making money as we speak. If you’re interested in learning more about Crypto Trend Investor, click here.

This article previously appeared on Investing Daily.