Bitcoin
Why is the crypto market bullish today? Bitcoin and Ethereum lead gains
- The crypto market capitalization was now over $2.6 trillion.
- BTC and ETH continue to hold a larger percentage of the crypto market cap.
According to data from CoinMarketCap, the crypto market increased by more than 7% in the last 24 hours. All major assets recorded substantial gains during this period. Why is the crypto market bullish today?
Crypto Market Sees Rise
At the time of this writing, the crypto market capitalization is approximately $2.62 trillion, according to CoinMarketCap. The data also indicated that the market capitalization increased by more than 7.6% in the last 24 hours.
This increase is driven by rising prices of major crypto assets, which have significant market capitalizations.
An analysis of the main assets revealed that Bitcoin [BTC] It is Ethereum [ETH] increased by more than 5% and 19%, respectively, in the last 24 hours.
Additionally, Binance Coin [BNB] It is Solana [SOL] recorded gains of more than 7% and 2%, respectively, in the same period.
The market was experiencing positive sentiment at press time, with the Fear and Greed Index at 70, indicating a state of “greed.”
Why is the crypto market booming?
In the last 24 hours, reports suggest an increased likelihood of US regulators approving a spot Ethereum ETF.
This positive sentiment stems from recent actions by regulators and institutions putting forward ETF proposals.
The approval of an ETH ETF is seen as a significant victory not only for Ethereum but also for other crypto assets.
Many believe that once an ETH ETF is approved, other cryptocurrencies will also have a better chance of getting spot ETF approvals.
This would result in more institutional funds flowing into the market, allowing traditional financial traders greater exposure to cryptocurrencies.
Furthermore, after weeks of departures, Bitcoin is now experiencing consecutive inflows into its cash ETFs.
According to data from Value Sossónet inflows on May 20th were $241.12 million, marking the sixth consecutive day of net inflows.
The total value traded exceeded 2.4 billion dollars and the accumulated net inflow now exceeds 12.8 billion dollars.
Source: Valor Sossó
Bitcoin and Ethereum lead gains in the cryptocurrency market
According to data from CoinMarketCap, Bitcoin commanded more than 53% of the total cryptocurrency market capitalization at press time.
BTC’s market capitalization has increased by more than 5% in the last 24 hours, reaching approximately $1.4 trillion.
On May 20, the real currency increased by almost 8%, closing at approximately US$71,400. At the time of current writing, it is trading at around $71,100, marking an insignificant drop of less than 1%.
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On the other hand, Ethereum has captured over 17% of the market cap to date, with its market cap rising around 20% in the last 24 hours to nearly $450 billion.
The king of altcoins was trading at over $3,700, indicating an increase of over 2% since this report.