Why Crypto Market is Up Today? Here Are the Major Reasons

The entire crypto market registered notable gains in the past 24 hours led by Ethereum (ETH) and Ethereum Classic (ETC). Significant liquidations on both long and short traders, amounting to about $280 million, have been recorded amid heightened volatility.

However, the crypto bullish outlook that began in early 2023 is expected to continue in the coming two years as more investors adopt the nascent blockchain technology and Web3 products. Furthermore, the entire crypto trading volume spiked by over 40 percent to about $120 billion amid heightened greed based on the fear and greed index.

Top Reasons Why Crypto Gained Today

Spot Bitcoin ETF Approval in the US

After more than a decade of waiting and constant lobbying in the United States Congress, institutional investors can now tap into Bitcoin through ETP shares issued by 11 fund managers. Notably, three of the five commissioners from the United States Securities and Exchange Commission (SEC) led by Chair Gary Gensler approved the listing and trading of spot Bitcoin ETFs. With the approval of spot Bitcoin ETFs, the prior uncertainty of mass adoption of crypto assets in the United States has been eliminated. 

Altseason Narrative

With Bitcoin price having almost tripled in 2023, crypto investors have begun diversifying into the altcoin industry. The crypto cash rotation has been bolstered by the 16 percent spike of Ethereum price against the U.S. dollar in the past five days to reach a new height of $2,614. Already, the TOTAL 2 market cap has successfully retested the macro breakout and is en route to rally above $1 trillion in the near term.