Hassan Maishera
TL;DR
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Bitcoin rallied to the $27k level on Monday following rumors that Fidelity is set to apply for a Bitcoin ETF.
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The total cryptocurrency market cap now stands at $1.07 trillion.
Bitcoin Rallies on Fidelity Rumor
Bitcoin, the world’s largest cryptocurrency by market cap, rallied past the $27k level during the late hours of Monday. The leading cryptocurrency touched the $27k mark for the first time in more than a week following its poor performance over the weekend.
The rally comes after rumors that Fidelity, one of the leading financial institutions in the world, is looking to apply to launch a spot Bitcoin exchange-traded fund (ETF).
The rumor came a few days after BlackRock, the world’s largest asset management firm, with over $10 trillion in assets under management, applied with the SEC to launch a spot Bitcoin ETF.
These latest developments gave investors confidence that the cryptocurrency market is getting more attention from mainstream financial institutions.
Bitcoin has since cooled down and is now trading just above $26,700 per coin. The leading cryptocurrency is up by more than 1% in the last 24 hours.
Thanks to the positive performance, the total cryptocurrency market cap now stands at $1.07 trillion, up by 1% so far today.
Solana is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours, adding more than 3% to its value during that period.
