Hassan Maishera
TL;DR
-
Bitcoin surpassed the $47k level on Monday, its highest price in nearly two years.
-
The rally came following rising optimism of a Bitcoin ETF approval in the United States.
BTC Tops $47k as Bitcoin ETF Decision Draws Closer
Bitcoin, the world’s leading digital currency by market cap, rallied by more than 7% on Monday. The rally saw BTC trade above $47k for the first time in nearly two years, with market experts expecting bigger pumps in the near term.
BTC touched the $47,158 level on Monday afternoon, adding over 7% to its value in the process. The rally came following renewed optimism that the US SEC will approve a spot Bitcoin ETF in the coming days.
Two influential analysts at Bloomberg said the odds of a spot bitcoin (BTC) exchange-traded fund (ETF) being approved in the U.S. have risen to more than 90%. While talking about the likelihood of the SEC rejecting a spot Bitcoin ETF application, Bloomberg ETF analyst Eric Balchunas said,
“I probably go with 5% at this point. But you gotta leave a little window open for these things.”
LMAX strategist Joel Kruger further predicted that Bitcoin could rally 10%-15% more in case the SEC approves spot bitcoin ETFs.
At the moment, BTC has dropped below $47k as it is retracing following yesterday’s rally. While the attention is on Bitcoin at the moment, altcoins have also been recording excellent gains.
Ether is up by 4% in the last 24 hours and is currently trading at $2,309. Solana (SOL) and Avalanche (AVAX) are the best performers amongst the top 10 cryptocurrencies by market cap, up by 13% over the last 24 hours.
At press time, SOL and AVAX are trading at $101.91 and $37.03 respectively. Meanwhile, the total crypto market cap is now above $1.7 trillion once again, up by 6% in the last 24 hours.
