The cryptocurrency market is witnessing a major price rise today, with Bitcoin trading above $70,000 and the top 10 cryptocurrencies all in the green zone. According to data from CryptoRank.io, major coins like BNB, Toncoin, and Solana have seen gains ranging from 5% to 12%. The total crypto market capitalization stands at a staggering $2.77 trillion, up over 3% from the previous day.
The current market sentiment is one of greed, with the Fear & Greed Index registering a value of 75. Smaller altcoins like Efforce, Beercoin, MaidSafeCoin, and Catboy are among the top gainers, seeing explosive rallies of up to 170%.
This broad-based rally across cryptocurrencies can be attributed to the positive sentiment permeating the market. When the industry leaders are performing well, it tends to boost confidence and drive capital inflows into the space.
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Show more +Another major catalyst fueling the crypto surge is the massive $887 million net inflow into Bitcoin spot ETFs on June 4th. This inflow, the second-highest ever in a single day, was led by the Grayscale ETF ($GBTC) with $281 million, the Fidelity ETF ($FBTC) with $379 million, and the BlackRock ETF ($IBIT) with $274 million. The total assets under management in Bitcoin ETFs now stand at a whopping $61.46 billion.
Such a significant influx of institutional capital has undoubtedly formed a positive sentiment in the market, with investors viewing it as a vote of confidence in the long-term prospects of cryptocurrencies.
Additionally, some pre-pandemic economic metrics are reemerging, reminiscent of the period that saw a major price rise for Bitcoin and many other cryptocurrencies. Based on a tweet by Benjamin Cowen, the job openings per unemployed worker ratio has dropped to 1.24, matching the pre-pandemic high, indicating a robust labor market.
There is also anticipation of more money flowing into Ethereum ETFs soon, following the approval of the first Ethereum ETF last month. Many investors are already buying Ethereum and other altcoins in anticipation of potential price spikes.
Read Also: Binance Coin (BNB) Surges to New All-Time High, Poised for Price Discovery
Lastly, based on a tweet by Titan of Crypto there is growing speculation that Bitcoin may be targeting the $73,000 level, and once it breaks through that resistance, it could rally quickly to $91,500, setting a new all-time high.
With a confluence of positive factors, including institutional inflows, favorable economic indicators, and bullish price targets, the cryptocurrency market appears poised for further gains in the near future.
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