Bitcoin’s price soared past $47,000 for the first time in nearly two years, spurred by rising expectations of a potential U.S. spot Bitcoin ETF approval. This surge also led to significant growth in many altcoins, with three Binance-listed altcoins experiencing sharp increases.
Institutional interest in Bitcoin has driven its price up by approximately 8% in the last 24 hours, reaching $46,931. Bitcoin’s market capitalization climbed to $919.5 billion, with a 103% increase in trading volume to $43.2 billion.
Ethereum (ETH), the third-largest cryptocurrency, followed a similar upward trend, gaining about 5.5% in value over 24 hours to reach $2,311. At the time of writing, ETH’s market cap was $277.9 billion, with a 68% rise in trading volume to $13.2 billion.
Binance’s BNB and XRP saw increases of 1.8% and 2.3%, respectively. The top 10 cryptocurrencies by market value all experienced notable gains, with Solana’s SOL up by 16%, Cardano’s ADA by 11%, and Avalanche’s AVAX by over 14%.
The two largest memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), rose by 5.2% and 7.5%, respectively, in the last 24 hours. The total market value of the cryptocurrency market increased by over 7%, reaching $1.71 trillion. The Crypto Fear and Greed Index hit 74, indicating positive investor sentiment across the market.