Bitcoin and altcoins are soaring: what is behind the rise in cryptocurrency prices?

Bitcoin Sets Price Records: 3% Increase on Monday

Bitcoin – the most popular cryptocurrency in the world, once again grabbed the attention of investors. On Monday, it saw a 3% increase, reaching new price records. However, this is not the end of positive news from the cryptocurrency market.

Altcoins Show Growth, But Fall Short of Previous Peaks

Other cryptocurrencies also saw value increases, but they failed to reach their historical highs. It is worth noting the most important altcoins, which during Wednesday’s trading session experienced growth of up to 85% compared to their previous peaks.

Bitcoin Surpasses $1.4 Trillion Market Value

The market value of Bitcoin has crossed an impressive threshold of $1.4 trillion, and its dominance in the cryptocurrency market has risen to 52.16%. This success is not exclusive to Bitcoin alone – Ethereum has also crossed the $4,000 mark, showing similar upward trends.

Investments in Bitcoin ETFs Surging

More and more investors are opting for investments in Bitcoin ETFs, such as Blackrock’s IBIT and Fidelity’s FBTC. In just two months, the total value of these investments has exceeded an impressive $19.5 billion, indicating a growing interest in the cryptocurrency market.

Altcoins Price Surges

Apart from Bitcoin and Ethereum, other cryptocurrencies are also experiencing price surges. Over the last 24 hours, increases ranging from 2-22% have been observed, indicating overall optimism in the cryptocurrency market.

Bitcoin ETFs Contributing to Price Surges

The price surges of cryptocurrencies are partly a result of the introduction of Bitcoin ETFs to the market. These financial instruments provide a secure entry point for a diverse range of investors into the cryptocurrency market, leading to price increases and heightened interest from institutional investors, particularly in Bitcoin and Ethereum.

The global cryptocurrency market capitalization is approaching an impressive $2.68 trillion, illustrating the dynamic growth of this sector.