Why Is The Crypto Market Up Today?

The price of bitcoin org bitcoin org - Event OrganiserTechnologyPayment solution recorded a new yearly high, crossing the $36,500 mark for the first time in 2023. The market dominance of BTC price has reached a high of 52.1%, indicating the increasing demand for the star crypto.

The total Market Cap has increased by over 3% within the past day, with the valuation now at $1.38T. Bitcoin price has recorded a gain of over 3% in value within the past day, following the footsteps of the market leader, Ethereum, the largest altcoin, which added approximately 2%.

Cardano ADA price has been gaining significant attention as this crypto has gained approximately 3% within the past day and has surged over 23% within the past week, making it one of the best performers in the industry and the top performer among the top coins.

On the other hand, the MINA price has secured the spot of top gainer with over 21% jump in value in the past day and has recorded a massive jump of approximately 90% within the past month, almost doubling its value, following this stands NEO token and AAVE token with gains of 13.81$ and 12.36% within the past day.

Possible Reasons For The Price Pump:

The prime reason for the bullish sentiment in the market is assumed to be the news of the SEC’s short window to approve the spot ETFs, which starts today. This has sparked the industry as many investors eagerly await a decision to roll out soon.

The approval of the spot ETFs could result in the market experiencing massive bullish movement, which could further result in the industry experiencing a possible bull run in the coming time.

Moreover, the rising interest among investors toward the idea of cryptocurrencies and the inclining inflow of institutional investors have also played a significant role in the uptrend of the crypto industry.