Over the weekend, the price point of Bitcoin has risen notably by $900.
Bitcoin and Ethereum Surge on Monday
Bitcoin and Ethereum (ETH) both saw gains on Monday, with Bitcoin rising 1.60 percent to $37,241 (roughly €309,000) and ETH gaining 2.25 percent to $1,997 (roughly €16,600). The gains come after a period of market fluctuations over the weekend.
Industry experts believe that the gains may be due to the positive news of Javier Milei, a supporter of Bitcoin, winning the presidential election in Argentina. Additionally, the entry of financial giants such as Fidelity and BlackRock into the crypto space is also seen as a positive signal for the sector.
Despite the recent gains, the SEC has delayed its decision on two spot Bitcoin ETF applications, which has not had a significant impact on BTC’s price.
Bitcoin
Bitcoin’s price rose by $900 (roughly €7,491) over the weekend, after undergoing some market fluctuations. The price increase has prompted comparisons to Bitcoin’s all-time high (ATH) of over $68,000 (roughly €560,000), which it last achieved in 2021.
Ethereum
Ethereum’s price rose by $18 (roughly €149.80) over the weekend. The price increase is even larger than Bitcoin’s, and suggests that there is strong investor interest in ETH.
Overall Market
The overall crypto market cap rose by 2.04 percent in the last 24 hours. The total market cap of the sector now stands at $1.41 trillion (roughly €117,407,880,000).
Industry Insights
The CoinDCX research team believes that the recent gains in Bitcoin and ETH may be due to the positive news about Javier Milei winning the presidential election in Argentina. Milei is a supporter of Bitcoin, and he has said that he sees Bitcoin as a way to return money to the private sector.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, believes that the entry of financial giants such as Fidelity and BlackRock into the crypto space is a positive signal for the sector. He also notes that the SEC has delayed its decision on two spot Bitcoin ETF applications, but that this has not had a significant impact on BTC’s price.
Conclusion
The recent gains in Bitcoin and ETH suggest that there is strong investor interest in cryptocurrency. The entry of financial giants into the crypto space is also a positive sign for the sector. However, it is important to note that the crypto market is still volatile, and investors should be prepared for the possibility of further price fluctuations.
