May 20, 2024 9:38 PM | 2 min read
Cryptocurrency markets rebounded sharply on Monday as spot approval probability increased Ethereum ETFs and Bitcoin are nearing new all-time highs.
| cryptocurrency | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| Bitcoin (Cryptocurrency: BTC) | +8.05% | $71,549.15 |
| Ethereum (Crypto: ETH) | +20.45% | $3,691.47 |
| dogecoin (Code:Doge) | +11.71% | $0.1661 |
what happened: Ether, the second largest cryptocurrency, gained more than 20% on the day, topping $3,700 for the first time in more than two months.
This rally has pushed Ethereum's open interest soaring nearly 28% in the past 24 hours to an all-time high of $14.95 billion.
The rise followed comments from two prominent Bloomberg analysts. Eric Balchunas and james seifert Increased the probability of Spot Ether ETF approval from 25% to 75%. The final deadline for various applications is later this week.
Bitcoin has also added significant gains, reaching over $71,000 in the past 24 hours. King Crypto was on the verge of breaking the all-time high of $73,000 set in mid-March.
This bull market has triggered close to $350 million worth of liquidations in the past 24 hours, with short-term liquidations soaring to $272 million.
The Crypto Fear and Greed Index began flashing “Extreme Greed” after more than a month, indicating a high degree of FOMO in the market.
Top Gainer (24 hours)
| cryptocurrency | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| pais network (pais) | +28.92% | $0.48 |
| Bonk (Bonk) | +26.81% | $0.00003159 |
| pendle (pendle) | +24.96% | $5.89 |
It gained 9.32% in the past 24 hours, bringing the global cryptocurrency market capitalization to $2.62 trillion.
Technology stocks rose during trading, Nasdaq Composite It rose 0.65% to close at a record high of 16,794.87.of Dow Jones Industrial Average It ended the day down 0.48% at 39,806.77. S&P500 It added 0.09% (4,86 points) and ended at 5,308.13.
The rise was driven by optimism from analysts. NVIDIA Corporation (NASDAQ:NVDA) The company is scheduled to report first-quarter earnings on Wednesday.
look more: best cryptocurrency scanner
analyst notes: Bitcoin’s Coinbase premium gap soars, indicating “robust” demand from US institutional investors, according to on-chain analytics firm CryptoQuant
Famous cryptocurrency analyst kevin He noted that Bitcoin is testing the last resistance level before eventually reclaiming previous highs.
Photo by SvetlanaParnikova from Shutterstock
Read next: The Senate has voted to overturn the SEC's controversial cryptocurrency rules, but will Biden veto them?
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