BTC trades above $30.1K on ETF approval optimism
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have maintained strong posture in the past 24-hours, benefiting from rising possibility of spot Bitcoin exchange-traded fund (ETF) approval in the US.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, has managed to hold $30,000 mark scaled over the week-end. It is currently resting at $30,100.42 up 0.31%.
Ethereum (ETH), the second largest crypto in market value, surged 2.25% at $1,672.14.
Most large-cap alternative cryptocurrencies traded firm as well, with Cardano’s ADA, Shiba Inu, PEPE, dogecoin (DOGE) 2-3%. Solana (SOL) continued to be in a defiant mode, jumping more than 12%.
Bitcoin has gained this week due to increased optimism about the potential approval of multiple spot bitcoin ETFs, JPMorgan said in a research report last week.
ETFs are traded on an exchange, like stocks, and track the performance of an underlying asset. They are popular because they allow investors to gain access to cryptocurrencies without having to purchase the underlying digital assets themselves.
The global crypto market cap increased 0.56% to $1.14 tn, over the last 24-hours. Similarly, the total crypto market volume rose 5.53% to $40.67 bn. The total volume in DeFi is currently $3.22 bn and all stablecoins $37.87 bn, representing 7.91% and 93.11% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.12%, a decrease of 0.28% over the day.
IC15 index, the barometer of top fifteen tokens, rose 0.86% to 37,812.38.
Meanwhile, the crypto market is hopeful that the approval of a spot bitcoin ETF will lead to a flood of mainstream money into the sector. According to estimates about 1% institutional funds is likely to allocated for investing in digital assets.
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