Why is Bitcoin and the Crypto Market Up Today?

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Why is Bitcoin and the Crypto Market Up Today?

Last updated on May 18th, 2024 at 12:55 pm

Bitcoin and the global crypto market are experiencing an impressive bullish trend today leaving investors and traders excited. The largest cryptocurrency by market cap reached a new yearly high when it crossed the $37,800 mark.

This is the first time Bitcoin (BTC) has reached this peak since the beginning of 2023 and its market dominance reached a high of 52.1% which signifies an increase in the demand for the coin.

Consequently, the global cryptocurrency market cap currently stands at $1.3 trillion, signifying a 2.04% increase in the last 24 hours. Furthermore, over the last 24 hours, the price of Bitcoin has spiked by 3.05% selling at $36,569.

Meanwhile, Bitcoin does not enjoy a monopoly on this trend. Ethereum, the second-largest cryptocurrency by market cap is currently up by 7% consequently raising its value to $2,025. The price of ETH has grown by an impressive 12% in the last 7 days.

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Also, Cardano (ADA) is currently gaining attention as it has recorded a gain of 3.19% in the last 24 hours and over 7% within the past week. Chainlink is occupying the #1 spot as the top trending cryptocurrency in the market right now according to data from CoinMarketCap. The coin has gained 4.69% in the last 24 hours and over 32% in the last 7 days.

In addition, Solana (SOL) is currently #3 on the list of top trending crypto today. At press time, Solana has gained over 5% in the last 24 hours and 13% within the week.

With these trends going on, crypto enthusiasts are curious to know why Bitcoin and the entire market are up today.

Reasons for the crypto market pump today

The main reason for the current price pump can be attributed to the news of the Securities and Exchange Commission’s short window to approve the Bitcoin spot ETFs which begins today.

This has sparked anticipation across the crypto industry as traders and investors actively await the SEC’s decision. The market may see significant bullish movement following the approval of the spot ETFs, which may lead to an eventual bull run in the industry soon.

Additionally, the growing interest in cryptocurrencies by individuals and institutional investors has also played a major role in the present surge in the crypto market.

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However, investors (especially newbies) should be aware that cryptocurrencies are very volatile assets and the price could drop as fast as it rises. It is important to do your research before making any investment decision.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.