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Bitcoin soars to $71,000 today: what’s fuelling the rally?
Photo Courtesy: Pixabay

Bitcoin soars to $71,000 today: what’s fuelling the rally?

| @indiablooms | 21 May 2024, 11:31 pm

Mumbai: Bitcoin (BTC) surged above $71,000 early Tuesday, its highest level since early April, while Ether increased by over 19% to $3,700, media reported.

This rally followed Bloomberg analysts raising the probability of a U.S. spot ETH exchange-traded fund (ETF) approval to 75%.

The Economic Times reported citing data from SoSoValue,  Bitcoin ETFs experienced total net inflows exceeding $241 million on May 20.

BlackRock’s Bitcoin ETF, IBIT, attracted over $66 million in net inflows, and Fidelity’s Bitcoin ETF, FBTC, saw net inflows of $64 million.

The global cryptocurrency market cap increased by 7.9% to about $2.61 trillion in the last 24 hours. Other major cryptocurrencies also posted significant gains: BNB (5.1%), Solana (3.5%), XRP (5.7%), Dogecoin (8.6%), Toncoin (5%), Shiba Inu (6.8%), Avalanche (14%), and Cardano (7.8%).

Markets started to rally late Monday after Bloomberg analysts Eric Balchunas and James Seyffart raised the chances of a spot ether ETF approval from around 20% to 75%. CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) asked exchanges aiming to list ether ETFs to update their 19b-4 filings ahead of an important deadline this week.

Although it is unlikely that the ETH ETF will be approved this week, the SEC's positive movement has spurred the market.

Meanwhile, Ethereum, the second-largest cryptocurrency by market value, rose by 19.2% to $3,667 in today's trading session.

Over the past day, Bitcoin’s market capitalization, the largest among cryptocurrencies, surged to $1.402 trillion.

According to CoinMarketCap, Bitcoin's dominance now stands at 53.79%. Additionally, Bitcoin's trading volume in the last 24 hours saw a substantial increase, jumping by 135% to $52.07 billion.

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