Bitcoin Breaks Out Above $71K As Ether’s 20% Gain Leads Crypto Rally
By Kapil Rajyaguru
A Tuesday rally during the Asian morning trade put an end to what had been a very muted crypto price action over the previous 72 hours, pushing Bitcoin above $71,000 for the first time over six weeks. Bitcoin, the world’s largest crypto was changing hands at $71,300, up by 7.36% in the last twenty four hours.
Ether surged over 20% in the past twenty four hours following credible rumors that the asset could receive its own spot ETF in the United States within days. Ether is currently trading at $3694.
This followed a tweet from Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were upping their odds of ETH ETH approval this month from 25% to 75%.
Meanwhile, in the latest weekly review of fund flows by CoinShares, digital asset investment products experienced a significant increase in inflows, totaling $932 million. This represents a 716% rise from the previous week’s $130 million.
The absence of significant interest in short positions on BTC suggests a positive investor outlook. To date, Bitcoin investment products have accumulated $13.85 billion in inflows since the beginning of the year.
The global crypto market cap is $2.62T, a 9.80% increase over the last day. The total crypto market volume over the last 24 hours is $117.76B, which makes a 131.30% increase. The total volume in DeFi is currently $9.33B, 7.92% of the total crypto market 24-hour volume. The volume of all stable coins is now $107.77B, which is 91.52% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.70%, a decrease of 0.84% over the day.
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