Bitcoin SV Dominates Altcoin Market With 30% Surge as Ether Surpasses $1.6K
The cryptocurrency market experienced significant growth in the past 24 hours, with an overall increase in market capitalization by 5%. This surge was primarily driven by a notable uptick in Bitcoin (BTC), which had a ripple effect on various major cryptocurrencies. Optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) played a pivotal role in boosting market sentiment.
Major cryptocurrencies saw a reversal of the losses they incurred over the past week. Bitcoin surged beyond the $30,000 mark, marking a substantial recovery. Ether (ETH) also performed well, surpassing the $1,600 milestone on Friday. Ripple's XRP witnessed a 7.2% gain following a significant court decision that favored the payments firm Ripple, instilling positive sentiment among investors. Furthermore, Solana's SOL demonstrated an impressive 12% rise, extending its weekly gains to over 25%.
Bitcoin SV (BSV), a cryptocurrency that emerged as a result of a Bitcoin fork, exhibited remarkable growth with a 32% increase. This surge may be attributed to Binance, a prominent cryptocurrency exchange, listing perpetual futures of BSV at a leverage of 50 times, which likely piqued the interest of traders.
In recent days, multiple ETF providers have made adjustments to their applications for Bitcoin ETFs. Simultaneously, there has been mounting pressure on the U.S. Securities and Exchange Commission (SEC) to adopt a more favorable stance on the approval of Bitcoin ETFs.
Jack Tan, the founder of the crypto exchange WOO Network, expressed his belief that betting on a sustained decline in BTC is akin to defying gravity. He emphasized the strong demand driven by anticipation of the Bitcoin ETF, and he also pointed out the possibility of BTC becoming a "rush to safety" asset, which could usher in a new paradigm in the crypto market. This optimism has played a crucial role in the recent market upswing.
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