TLDR
- Bitcoin’s price has surpassed $68,000 and is approaching $70,000
- US Bitcoin ETFs continue to see positive inflows, with BlackRock’s IBIT accumulating nearly $19 billion
- Ethereum’s price has topped $3,500 amid a broader market uptrend
- The global cryptocurrency market cap has increased to $2.48 trillion
- Meme coins and other altcoins like Solana and XRP are also experiencing gains
As of July 22, 2024, the world’s largest cryptocurrency by market capitalization is trading at $68,032, representing a 1.02% increase in the past 24 hours.
This recent surge in Bitcoin’s price is attributed to several factors, chief among them being the continued success of Bitcoin ETFs in the United States.
These exchange-traded funds have recorded their eleventh consecutive day of positive flows, with BlackRock’s IBIT emerging as a standout performer.
Since its inception, IBIT has accumulated nearly $19 billion in net inflows, reflecting growing institutional interest in Bitcoin as an asset class.
The broader cryptocurrency market is also experiencing an upswing, with the global crypto market cap rising by 0.98% to reach $2.48 trillion.
This growth is not limited to Bitcoin alone, as other major cryptocurrencies are also seeing significant gains.
Ethereum, the second-largest cryptocurrency, has crossed the $3,500 threshold, trading at $3,519.97. This represents a 0.13% increase over the past day.
The Ethereum ecosystem is buzzing with anticipation as the launch of the first batch of spot Ethereum ETFs in the U.S. is expected on July 23, 2024.
Altcoins are not being left behind in this market rally. Solana (SOL) has seen a remarkable 4.63% increase, reaching $181.64.
The Solana ecosystem’s Total Value Locked (TVL) has hit a new milestone, contributing to its price momentum. XRP, backed by Ripple, is also showing positive movement, trading at $0.5949 after a 0.42% increase.
Meme coins, known for their volatility and community-driven nature, are also experiencing notable gains. Dogecoin (DOGE) has surged by 6.52%, reaching $0.1412, while Shiba Inu (SHIB) has seen a more modest 0.38% increase, trading at $0.00001809.
Market analysts point to several factors contributing to this overall positive trend. The exhaustion of large sellers, such as the German government’s recent sale of 50,000 BTC, has reduced selling pressure in the market.
Additionally, political developments in the United States, including President Joe Biden’s announcement that he will not run in the upcoming presidential election, may be influencing market sentiment.
