This optimism is also reflected in ‘altcoins’ with a widespread resurgence. With coins such as Toncoin (TON), Shiba Inu (SHIB), Solana (SOL), Dogecoin (DOGE) and Avalanche (AVAX), among others, with notable increases, although more moderate in XRP and Cardano (ADA).
The cryptocurrency market registers a bullish with the Bitcoin (BTC) surpassing the $71,000 mark in the last 24 hours, marking a milestone since last May 21. Meanwhile, Ethereum (ETH) is also showing positive signs with a 1% increase, reaching US$3,800 in its attempt to consolidate.
This optimism is also reflected in ‘altcoins’ with a widespread resurgence. Uniswap (UNI) leads the gains, boosted by an enigmatic message from Uniswaps Labs on social media. On the other hand, Binance Coin (BNB) has climbed nearly 12%, approaching its all-time high and surpassing $100 billion in market capitalization thanks to new launches on Binance Launchpool.
Bitcoin: what’s behind the rise
The massive influx of capital into BTC exchange-traded funds (ETFs) served as a key catalyst, with an increase of more than $880 million in a single day, marking the best performance since March. ETF Bloomberg’s Eric Balchunas notes that BTC ETFs have amassed more than $15 billion so far this year, rivaling traditional funds like SPDR S&P 500 ETF Trust (SPY) and Vanguard S&P 500 ETF (VOO).
Likewise, the total capitalization of the crypto market has seen a significant rebound, especially driven by the new sensation, FLOKI. Breaking through the key resistance of $2.50 trillion marks an important milestone, bringing the market closer to the $2.61 trillion mark, but the sustainability of this growth remains to be proven. A loss of support of $2.50 trillion could quickly reverse these gains, plunging the market into a phase of uncertainty.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
