The market experienced a significant shakeup with the surge in the price of Bitcoin (BTC) in the last 24 hours. BTC reached its highest point in 18 months, almost hitting the $37,000 mark.
This notable increase generated palpable excitement in the market, leading to a collective gain of $50 billion overnight and pushing the total market capitalization to almost $1.4 trillion.
This growth follows a brief period where Bitcoin seemed to hover around $34,500. However, bearish pressure failed to hold as bulls responded strongly, preventing further declines.
Instead, Bitcoin initiated a new upward momentum, first reaching $36,000 and, in the last 24 hours, hitting the $37,000 mark.
The new bullish momentum for Bitcoin comes amid speculations about the approval of the 12 spot Bitcoin ETF projects.
A legal window has opened in which, despite deliberate delays by the Securities and Exchange Commission (SEC), approval could happen in the coming days.
Bitcoin Takes Everyone to the Green
As of writing this article, BTC is trading at around $36,740, according to the latest data from CoinMarketCap. This represents an increase in its price by 3.7% in the last 24 hours.
Meanwhile, its market capitalization had a similar uptick, surpassing $717 billion. This marks a growth of 3.6% in 24 hours. Furthermore, its dominance over altcoins remains strong, exceeding 52%.
The most significant jump was seen in its 24-hour trading volume, with data showing an increase of almost 40%, pushing the figure beyond $25.16 billion.
This bullish movement of Bitcoin directly impacted other cryptocurrencies, with altcoins like Chainlink, MATIC, SHIB, FIL, HBAR, AAVE, OKB, KAS, LDO, and QNT experiencing notable gains of more than 10% in a single day. In particular, KAS had an exponential increase of 22%.
While Bitcoin grabs attention with its impressive surge, other coins also show gains, though more modest.
Ethereum (ETH) is currently trading at $1910, with a 1.4% increase in the last day. BNB, on the other hand, grew by 1.12% and is operating around $249.50. Ripple is currently valued at $0.6945, with a modest growth of 0.0%.
Solana (SOL) did have a more noteworthy growth, rising by 7% in the last 24 hours and reaching $46.48. Cardano (ADA) closely followed SOL’s trend, growing by 4.64% and trading at $0.373.