Bitcoin Price Approaches $38,000
As of Monday, Bitcoin was edging closer to $38,000 per coin, a level it hasn’t reached since April of the previous year. CoinGecko reported that the largest digital currency by market cap was trading at $37,710 at the time of writing, marking a 2% increase in the last 24 hours and a nearly 25% climb in the past 30 days.
Ethereum Surpasses $2,000
Meanwhile, Ethereum, the second-largest digital asset, saw an almost 3% increase in the past day, reaching a price of $2,037 per coin. This is the first time Ethereum has crossed the $2,000 mark since July. The asset had only surpassed this value twice before this year, once after the implementation of its Shanghai/Shapella upgrade and, more recently, following the announcement of an Ethereum ETF filing by BlackRock.
Bitcoin and ETF Applications
Positive news related to the numerous Bitcoin ETF applications awaiting approval by the Securities and Exchange Commission often leads to increases in the price of Bitcoin. The recent eight-day window for the SEC to approve a Bitcoin ETF resulted in a delay in the decision, causing some volatility in the market.
Mixed Performance Across the Crypto Market
On Monday, the rest of the crypto market showed mixed performance, with major altcoins such as Solana, Dogecoin, and Avalanche experiencing a decline in price. However, smaller yet prominent coins like PancakeSwap and ApeCoin made significant gains, with PancakeSwap’s native token (CAKE) seeing an 8% increase and ApeCoin (APE) rising by nearly the same percentage.
ApeCoin Community Accelerator Launch
In addition, the ApeCoin community accelerator was launched from the NFT creators’ platform, Animoca Brands’ Forj, last month, signaling potential growth for the token and providing a positive outlook for APE holders after a period of decline.
Hot Take: Bitcoin and Ethereum Prices Surge
Bitcoin and Ethereum have seen significant surges in price, reflecting positive market sentiment and investor interest. The delay in approving Bitcoin ETF applications has caused some short-term volatility, but smaller tokens like ApeCoin are making gains, offering potential opportunities for investors in the ever-changing crypto market.
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