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- The global cryptocurrency market has achieved a two-month peak of approximately $1.18 trillion.
- Leading cryptocurrencies BTC and ETH are experiencing a bullish trend.
Bitcoin (BTC), the leading cryptocurrency by market capitalization, has seen a notable increase for the second day in a row, driven by investor optimism following the submission of spot Bitcoin exchange-traded fund (ETF) applications by major asset management firms, including BlackRock.
The cryptocurrency, which boasts the highest market cap, has risen by nearly 5% in the last 24 hours. This price point had not been reached since April when BTC last exceeded the $30,000 threshold. Additionally, Bitcoin’s price hit $30,664 yesterday.
Consequently, the total market capitalization of cryptocurrencies worldwide has climbed to $1.18 trillion, reflecting a significant rise of around 4.5%.
Global Crypto Market Cap (Source: CoinMarketCap)
What is Driving the Surge in the Crypto Market?
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Amid recent adverse events affecting the crypto market, including the fallout from the FTX collapse and ensuing regulatory hurdles, the rise of Bitcoin and other leading cryptocurrencies is particularly noteworthy.
The positive trend in the crypto market commenced on Tuesday, improving market sentiment. Furthermore, a declining dollar index and the introduction of measures to combat inflation in the U.S. have also played a role in enhancing sentiment within the cryptocurrency sector.
Nonetheless, this price increase in the cryptocurrency market signifies a growing institutional interest in the crypto arena, despite the challenges posed by uncertain regulatory environments, ongoing inflation worries, and other macroeconomic uncertainties.
The market continues to face these obstacles, yet the cryptocurrency sector has managed to overcome them and exhibit bullish momentum. Additionally, the remarkable rally in major cryptocurrencies like BTC and ETH has driven several significant altcoins to achieve new highs.
At the time of this report, the price of the leading cryptocurrency has surged over 21% in a week and 49.5% year-to-date, trading at $30,110. Meanwhile, the second-largest cryptocurrency, Ethereum, has risen by 5.20% to $1,906.
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