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Why is crypto market up today?

Why is crypto market up today?

Although most digital assets have slowed down their gains from the previous weeks, the cryptocurrency market has increased its total value by over 3% today, and the reasons largely trace back to the flagship decentralized finance (DeFi) asset that has reached its new yearly high.

Indeed, the cryptocurrency sector’s total market capitalization currently stands at $1.37 trillion, indicating a 3.008% increase from the $1.33 trillion in the last 24 hours, according to the data retrieved by Finbold from the crypto monitoring platform CoinMarketCap on November 9.

On top of that, thanks to the strong and steady advances of Bitcoin (BTC), which has recently surpassed the psychologically critical $36,500 price level, the total crypto market cap has risen a staggering 72.59% since $793.77 billion, where it stood on January 1, 2023.

Total crypto market cap year-to-date (YTD) chart. Source: CoinMarketCap

What’s happening in crypto

Meanwhile, the maiden crypto asset was at press time changing hands at the price of $36,710 growing 4.01% in the last 24 hours, as well as adding 4% across the previous seven days, advancing as much as 32.63% over the past month, and 121.84% year-to-date (YTD), as the charts indicate.

Bitcoin year-to-date price chart. Source: Finbold

As it happens, one of the reasons behind the wave of bullish sentiment could be the optimism regarding the approval of the first spot Bitcoin exchange-traded fund (ETF) following the news that the United States Securities and Exchange Commission’s (SEC) first window to approve them starts today.

Indeed, there are eight days – between November 9 and November 17 – in which the regulator could approve all 12 spot Bitcoin ETF filings, according to Bloomberg’s ETF analysts James Seyffart and Eric Balchunas, although the experts stressed that this was only a possibility.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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