Bitcoin and Ethereum Experience Bullish Price Spike
The crypto market saw significant gains on Friday morning, with Bitcoin (BTC) rising by 2.4% in the past 24 hours to surpass $27,000. Ethereum (ETH) also experienced a 3.3% increase, reclaiming support above $1,650. Several factors contributed to this bullish price spike.
Factors Driving the Bullish Sentiment
Analysts from Bitfinex attributed the rise to multiple factors. First, the announcement of an upcoming Ethereum futures ETF by VanEck fueled bullish sentiments in the market. Additionally, a 2% increase in the S&P 500 index and approximately $80 million in short liquidations within the last 24 hours contributed to the upward trend.
The U.S. stock market also turned green, which analysts believe gives hope for a market bottom following a slump since mid-September. Furthermore, weakness in the dollar’s value may have added to the bullish sentiments, as the dollar index (DXY) fell by 1.13% from its yearly peak of 106.8 points against other global reserve currencies.
The liquidation of short orders in the futures market, worth around $80 million according to CoinGlass data, further added to the buying pressure. Bitcoin and Ethereum led these liquidations.
Across-the-Board Bullish Gains
The rise in Bitcoin and Ethereum influenced other cryptocurrencies in the market, leading to across-the-board bullish gains. The total crypto market cap increased by 2.2% since yesterday, adding nearly $25 billion.
Sui Network (SUI) and PepeCoin (PEPE) were among the top gainers with double-digit increases of 12.6% and 10.8%, respectively. ApeCoin (APE), Thorchain (RUNE), and Arbitrum (ARB) also experienced gains ranging from 6% to 8% overnight.
Hot Take: Crypto Market Shows Resilience with Bullish Spike
The crypto market demonstrated resilience as Bitcoin and Ethereum experienced a bullish price spike. Multiple factors, including the announcement of an Ethereum futures ETF, a rise in the S&P 500 index, short liquidations, and a weakened dollar, contributed to this upward trend. These positive developments led to across-the-board gains in the crypto market, adding nearly $25 billion to the total market cap. This surge indicates renewed investor confidence and optimism in the market’s future prospects.
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