- The crypto market cap was now over $2.6 trillion.
BTC and ETH continue to hold a greater percentage of the crypto market capitalization.
As an experienced financial analyst, I have closely followed the crypto market for several years. The recent surge in the market is quite intriguing, with the overall market capitalization breaking through the $2.6 trillion mark and major assets experiencing substantial gains.
Based on information from CoinMarketCap, the cryptocurrency market has surged by more than 7% within the last 24 hours. Notably, all significant assets have registered considerable price increases throughout this period. However, it’s essential to note that determining the exact reason for today’s crypto market uptick can be complex as multiple factors may contribute to these price fluctuations. Some potential causes include positive news events, increased investor sentiment, or broader market trends.
Crypto market sees surge
From my current perspective as a researcher, the total value of all cryptocurrencies in circulation is roughly around $2.62 trillion based on the latest figures from CoinMarketCap. Additionally, I observed an intriguing rise of over 7.6% within the past twenty-four hours.
The increase is fueled by the upward trend in the pricing of leading cryptocurrencies, carrying substantial market values.
As a financial analyst, I’ve examined the top-performing assets, and I discovered that Bitcoin (BTC) has grown by more than 5% and Ethereum (ETH) by approximately 19% within the last 24 hours.
In the recent time frame, there has been a surge of approximately 7% for Binance Coin (BNB) and around 2% for Solana (SOL).
At the time of reporting, the market was filled with optimistic feelings, as evidenced by the Fear and Greed Index reading of 70 – signaling “greed” among investors.
Why is the crypto market up?
Based on recent developments, it seems that there’s growing optimism among industry insiders that US regulatory bodies may give their approval to a spot Ethereum Exchange-Traded Fund (ETF) within the next 24 hours.
The optimistic outlook arises from the latest regulatory and institutional initiatives, involving the submission of ETF proposals.
As an analyst, I view the approval of an Ethereum Exchange-Traded Fund (ETF) as a major triumph, not just for Ethereum itself, but also for the broader cryptocurrency market. This development signifies growing institutional acceptance and confidence in the potential of blockchain technology and digital assets.
As a crypto investor, I strongly believe that the approval of an Ethereum-based Exchange Traded Fund (ETF) would significantly increase the chances of other cryptocurrencies securing their own spot ETFs in the future.
Paraphrasing: Institutional funds would be channeled more into the cryptocurrency market, thereby expanding the opportunities for conventional financial traders to invest in this asset class.
After a prolonged period of investors withdrawing their funds, Bitcoin has recently seen a series of inflows into its exchange-traded funds (ETFs) straight from the spot market.
Based on information from Soso Value, there was a net investment of $241.12 million on the twenty-first of May, representing the sixth straight day with such inflows.
The trading volume amounted to over $2.4 billion, while the current net investment adds up to more than $12.8 billion.
Bitcoin and Ethereum lead crypto market gains
Based on information from CoinMarketCap, Bitcoin held approximately 53% of the entire cryptocurrency market value as of the current moment.
BTC’s market cap surged by over 5% in the past 24 hours, reaching approximately $1.4 trillion.
On the 20th of May, Bitcoin, referred to as the king coin, underwent a nearly 8% price surge and finished the day at roughly $71,400. At present, its value hovers around $71,100, representing a minimal decrease of approximately 0.6%.
In contrast, Ethereum held more than 17% of the total market capitalization at the current moment, marking a significant increase of approximately 20% within the past 24 hours, bringing its market cap close to $450 billion.
The king of altcoins was trading at over $3,700, indicating a rise of over 2% since this report.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- ADS PREDICTION. ADS cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
2024-05-21 23:04