Bitcoin and other cryptocurrencies experienced a rise on Monday, fueled by growing optimism surrounding the approval of exchange-traded funds (ETFs). The recent surge in various tokens indicates that a bullish sentiment is taking hold.
Over the past 24 hours, the price of Bitcoin has increased by 2%, reaching above $37,250. While it remains slightly below its recent peak of nearly $38,000 from last week, it still stands at its highest levels since the cryptocurrency market entered a bearish phase in May 2022. This rally has seen Bitcoin surge over 30% since early October, bringing an end to a period of subdued trading activity and fostering expectations of a new bull market for Bitcoin.
According to Brian D. Evans, CEO of digital asset venture firm BDE Ventures, "We're now entering a more bullish phase for Bitcoin and the rest of the digital asset market. Many of the recent short-sellers have been caught off guard. The excitement surrounding the approval of spot Bitcoin ETFs is generating significant momentum."
Bitcoin's rally has been largely attributed to expectations that regulators will soon approve the first spot Bitcoin ETF. The introduction of such a fund is anticipated to spark a wave of interest from both retail and institutional investors, consequently supporting prices within the digital asset market.
In addition to Bitcoin's upward trajectory, there are also indications of broader bullish sentiment in the crypto trading sphere. After enduring a year of challenges, traders are showing increasing optimism towards digital assets. Several smaller tokens, known as altcoins, have performed exceptionally well in recent times. Solana, for example, has more than doubled in value within a month.
Brian D. Evans stated, "I believe this sustained rally also reflects a market that has transitioned from a recovery phase to one characterized by strong growth. The notable strength displayed by layer-2s and altcoins, particularly Solana, is a testament to this positive shift in momentum."
While Bitcoin remains in focus, Ether, the second-largest cryptocurrency, experienced a 4% gain, climbing to $2,030. Altcoins also demonstrated strength, with Cardano recording a 5% increase and Polygon surging by 4%. Memecoins, including Dogecoin (up 3%) and Shiba Inu (up 2%), also advanced.
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