The price of the leading cryptocurrency, Bitcoin, experienced a dramatic surge on Monday, rocketing to over $35,000. This marks the first time Bitcoin has crossed the $35,000 threshold since May of 2022 and represents a remarkable uptick from the $31,000 range seen just 24 hours earlier.
Driving Bitcoin’s double-digit percentage spike appears to be growing enthusiasm around the United States Securities and Exchange Commission potentially approving spot exchange-traded funds (ETFs) for the cryptocurrency. There have been several positive signals related to asset management titan BlackRock’s filing for a spot Bitcoin ETF, including the company securing licensing and taking steps to fund the proposed ETF vehicle. The prospect of the SEC finally greenlighting a spot Bitcoin ETF after years of rejecting applications is fueling bullish sentiment.
In addition to the building excitement around spot Bitcoin ETFs, Bitcoin’s trading volumes have exploded over the last day, gaining over 240% to exceed $35 billion. This surge in market activity and investor interest is likely contributing to the momentum behind Bitcoin’s rapid appreciation.
Bitcoin’s meteoric rise has also lifted prices across the broader cryptocurrency landscape. Ethereum’s Ether token gained 7% to over $1,800. Solana’s SOL token saw an even more dramatic 11% advance. Meanwhile, Dogecoin and Cardano posted single-digit percentage point increases. The euphoric mood is sparking robust rallies across large and small-cap cryptocurrencies.
In summary, the alignment of spot Bitcoin ETF optimism and reinvigorated trading activity has powered Bitcoin’s ascent back above the key $35,000 level for the first time in 5 months. Investors seem newly hopeful that the SEC is inching closer to finally approving a spot Bitcoin ETF, a development that could open the floodgates to greater mainstream adoption. If Bitcoin can maintain this upward trajectory, bulls will set their sights on reclaiming the symbolic $40,000 and $50,000 marks.
