Market current situation
The cryptocurrency market continues its upward trajectory, with market capitalization increasing by more than 7% in seven days to $2.39 trillion, the highest level since late July. The Crypto Fear and Greed Index is in the 71-73 (greed) range for the sixth day, also replicating its performance in late July.
Bitcoin hit a new high in nearly three months, hitting a peak of $69,500 on Monday morning on the back of a surge in inflows into BTC ETFs. Prices are currently evaluating late July highs, and a May-June double top just below $72,000 is likely the bulls' next target.
Ethereum rose 8.2% in seven days to $2,740, its highest level since late August. The second-largest cryptocurrency could easily reach the $2,900 area, with key round levels, plus the 50-week moving average and April-July price support area from earlier this year as selling points. There is a possibility that it will become.
news background
Inflows into the US Spot Bitcoin ETF last week were $2.13 billion (up 11.3% from the previous week), bringing the total since January to $20.94 billion. The Ethereum ETF saw inflows of $78.9 million after two weeks of outflows, and total outflows since the ETF product launch decreased by 14.1% to $480 million for the week.
The US SEC has approved spot Bitcoin ETF option trading on the NYSE and CBOE. In September, regulators approved spot Bitcoin ETF options trading on the Nasdaq. Bloomberg said the SEC's decision was not surprising, but it was good news.
The SEC has taken action to appeal a previous court ruling regarding Ripple's XRP token. The agency filed a preliminary civil complaint (Form C). Ripple CEO Brad Garlinghouse says that despite legal battles with regulators, XRP will become one of the leaders in the crypto industry due to the coin's use in the payments sector. said.
Messari said Tron's quarterly profit increased by 30% after the launch of its meme coin creation platform SunPump. The largest token issued on SunPump was SUNDOG, with a capitalization of over $220 million.
