Hassan Maishera
TL;DR
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Bitcoin is up by 6% in the last 24 hours and is trading around the $37,500 region.
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The rally came despite the US SEC delaying its decision on yet another spot Bitcoin ETF application.
Bitcoin Targets $38k Despite ETF Delay
Bitcoin, the world’s leading cryptocurrency by market cap, is up by 6% in the last 24 hours. The rally saw BTC surge to the $37,700 region before retracing to now trading around $37,500 per coin.
The performance recorded over the last 24 hours comes after Bitcoin’s poor start to the week. It also came after the US Securities and Exchange Commission (SEC) delayed its decision on the HashDex Bitcoin spot exchange-traded fund (ETF) application. The agency has also delayed action on Grayscale's attempt to launch a new futures-based ether ETF.
Ether, the second-largest cryptocurrency by market cap, also performed well, adding 4% to its value since Wednesday. ETH is now trading at $2,060 and could reach the $2,100 level soon.
Solana’s SOL and Avalanche’s AVAX are the best performers amongst the top 20 cryptocurrencies by market cap, adding 16% and 21% to their values respectively. SOL is now trading at $65 per coin and is up by 51% over the last seven days. Meanwhile, AVAX has crossed the $20 psychological point and is up by 60% in the past week.
The total cryptocurrency market cap is up by 5% also and currently stands at $1.43 trillion.
