Why Is The Crypto Market Up Today?

The crypto market is seeing a nice pump today, with total market capitalization up over 3.7% to $1.76 trillion at press time. Ethereum is having an especially good day, with gains of almost 10% over the last 24 hours to trade around $2,550—levels not seen since 2022.

Bitcoin has also gotten a boost, up 1.5% to around $47,000.

The main catalyst behind this crypto surge appears to be the SEC officially approving several spot Bitcoin ETFs from major financial players like VanEck, Bitwise, Fidelity, Franklin Templeton, Valkyrie, Hashdex, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy.

This regulatory clarity around Bitcoin investing vehicles in the US has renewed market enthusiasm.

Money also seems to be rotating out of Bitcoin and into the Ethereum ecosystem. Ethereum-based tokens like Arbitrum and Rocket Pool, which help scale the Ethereum network, are seeing gains of over 20% today.

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The long-awaited approval of spot Bitcoin ETFs has been a boon for crypto prices across the board. With the SEC giving the green light, it signals that regulators may slowly be warming up to digital assets.

Ethereum is benefiting in particular, as investors bet on continued decentralized app development and DeFi innovation on theleading smart contract platform. If regulatory sentiment continues improving in 2024, the crypto bull market may still have room to run higher from here.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency