Crypto Rally Continues: Bitcoin Surpasses $31,000 and Ethereum Approaches $2,000

Institutional Interest Drives Bitcoin Up

Just two weeks ago, Bitcoin managed to break the $31,000 mark, a price level that was considered unattainable for more than a year. This upward trend was partly fueled by renewed interest from institutional investors. Indications for this are BlackRock’s application for a Bitcoin spot exchange-traded fund (ETF) and the launch of the new cryptocurrency exchange, EDX Markets.

After briefly dropping below this mark in recent days, Bitcoin has regained a foothold above $31,000.

A recent report from CoinShares confirms this trend, highlighting that institutional investors are further strengthening their involvement in the crypto market. They collectively invested $125 million in the past week, clearly favoring Bitcoin – most of this fresh capital flow has flowed into this dominant cryptocurrency.

The rise in institutional interest in the crypto sector is amplified by the appearance of influential Wall Street firms. For example, BlackRock, the largest asset manager in the world, and financial giant Fidelity, have both filed applications with the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. This further reinforces the image of the attractiveness and dynamism of this market.

Ethereum is approaching important level

Bitcoin is not the only crypto currently in the spotlight. Ethereum is rapidly approaching the $2,000 per coin milestone. It is currently trading at $1,961, reflecting a healthy 2.3% increase over the last 24 hours. Should Ethereum cross $2,000, it would be the first time since May that it reached this price.

Read Also:  Solana ETF More Likely with Gensler Out of SEC, Says VanEck's Matthew Sigel

Despite this impressive performance, Ethereum is still significantly lower than its November 2021 high of $4,878, according to data from CoinGecko. It is currently at nearly 60% below this peak value, while Bitcoin is about 55% below its own all-time high from the same period.

Free 20 euros worth of Crypto

Do you want to enter the crypto world and buy Bitcoin? Then we have great news for you! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers are getting an exclusive offer.

If you sign up to Bitvavo via the button below, you will not only receive 20 euros for free, but you will also not pay any trading fees on your first 10,000 euros worth of transactions.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here