Bitcoin (BTC), the cryptocurrency market leader, saw a significant rise for the second day in a row, fueled by investor sentiment following the filing of Bitcoin spot ETF applications by prominent asset management firms. assets, including BlackRock.
The cryptocurrency, which boasts the largest market capitalization, has risen nearly 5% in the past 24 hours. This price level has not been seen since April, when BTC last breached the $30,000 mark. Furthermore, the price of Bitcoin reached $30,664 yesterday.
As a result, the global cryptocurrency market capitalization has risen to $1.18 trillion, representing a substantial increase of approximately 4.5%.
Why the rise of the cryptocurrency market?
Amid recent negative events impacting the cryptocurrency market, including the fallout from the FTX collapse and subsequent regulatory challenges, the rise of Bitcoin and other major cryptocurrencies remains remarkable.
The positive momentum in the cryptocurrency market began on Tuesday, improving market sentiment. In addition, the weakness of the dollar index and the implementation of measures to combat inflation in the United States have also contributed to boosting sentiment within the cryptocurrency market.
However, this price rally in the cryptocurrency market indicates a growing institutional interest in the cryptocurrency space, despite the challenges posed by uncertain regulatory conditions, lingering inflation concerns, and other macroeconomic uncertainties.
The market continues to grapple with these challenges, but the cryptocurrency market managed to defy the odds and demonstrate bullish momentum. Furthermore, the impressive rally in major cryptocurrencies such as BTC and ETH has propelled several major altcoins to new highs.
As of this writing, the price of the flagship cryptocurrency is up more than 21% in a week and 49.5% year to date, trading at $30,110. Furthermore, the second largest cryptocurrency, Ethereum, rose 5.20% to $1,906.
