The price of the leading cryptocurrency, itcoin">Bitcoin, experienced a dramatic surge on Monday, rocketing to over $35,000. This marks the first time itcoin">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 itcoin">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 itcoin">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 itcoin">Bitcoin ETF after years of rejecting applications is fueling bullish sentiment.
In addition to the building excitement around spot itcoin">Bitcoin ETFs, itcoin">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 itcoin">Bitcoin’s rapid appreciation.
itcoin">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 itcoin">Bitcoin ETF optimism and reinvigorated trading activity has powered itcoin">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 itcoin">Bitcoin ETF, a development that could open the floodgates to greater mainstream adoption. If itcoin">Bitcoin can maintain this upward trajectory, bulls will set their sights on reclaiming the symbolic $40,000 and $50,000 marks.
