- Global crypto market reached a two month high of $1.18 trillion range.
- Major cryptocurrencies BTC and ETH in bull run.
Bitcoin (BTC), the crypto market leader, experienced a significant surge for the second consecutive day, buoyed by investor confidence following the filing of spot Bitcoin exchange-traded fund (ETF) applications by prominent asset management firms, including BlackRock.
The cryptocurrency, which holds the largest market capitalization, rose by nearly 5% over the past 24 hours. This price level had not been seen since April when BTC last surpassed the $30,000 mark. Also, the Bitcoin price reached $30,664 yesterday.
As a result, the global cryptocurrency market cap has surged to $1.18 trillion, marking a substantial increase of approximately 4.5%.
Global Crypto Market Cap (Source: CoinMarketCap)
Why the Crypto Market Surging?
In the midst of recent negative events that are impacting the crypto market including the aftermath of FTX collapse and the subsequent regulatory challenges, Bitcoin and other top cryptocurrencies surge remains notable.
The positive momentum in the crypto market began on Tuesday, enhancing market sentiment. In addition, a weakening dollar index and the implementation of inflation-tackling measures in the U.S also have contributed to a boost in sentiment within the cryptocurrency market.
However, this price rally in the cryptocurrency market indicates the growing institutional interest in the crypto space. Despite the challenges posed by uncertain regulatory conditions, persistent inflation concerns, and other macroeconomic uncertainties.
The market continues to grapple with these challenges, yet the crypto market managed to defy the odds and demonstrate bullish momentum. Further, the impressive rally in major cryptos such as BTC and ETH has propelled several major altcoins to reach new highs.
At the time of writing, the price of the flagship cryptocurrency soared more than 21% in a week and 49.5% YTD to trade at $30,110. Also, the second largest cryptocurrency Ethereum increased 5.20% to $1,906.
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