- The crypto market cap was now over $2.6 trillion.
- BTC and ETH continue to hold a greater percentage of the crypto market capitalization.
According to data from CoinMarketCap, the crypto market has risen by over 7% in the past 24 hours. All major assets have experienced substantial gains during this time. Why is the crypto market up today?
Crypto market sees surge
As of this writing, the crypto market capitalization is approximately $2.62 trillion, according to CoinMarketCap. The data also indicated that the market cap had increased by over 7.6% in the past 24 hours.
This surge is driven by the rising prices of top crypto assets, which have significant market capitalizations.
An analysis of the leading assets revealed that Bitcoin [BTC] and Ethereum [ETH] have increased by over 5% and 19%, respectively, in the past 24 hours.
Additionally, Binance Coin [BNB] and Solana [SOL] have seen gains of over 7% and 2%, respectively, in the same period.
The market was experiencing positive sentiment at press time, with the Fear and Greed Index at 70, indicating a state of “greed.”
Why is the crypto market up?
In the last 24 hours, reports suggest an increased likelihood of U.S. regulators approving a spot Ethereum ETF.
This positive sentiment stems from recent actions by regulators and institutions submitting ETF proposals.
The approval of an ETH ETF is seen as a significant win, not only for Ethereum but for other crypto assets as well.
Many believe that once an ETH ETF is approved, other cryptocurrencies will also have a better chance of obtaining spot ETF approvals.
This would result in more institutional funds flowing into the market, allowing traditional financial traders greater exposure to cryptocurrencies.
Additionally, after weeks of outflows, Bitcoin is now experiencing consecutive inflows into its spot ETFs.
According to data from Soso Value, the net inflow on the 20th of May was $241.12 million, marking the sixth consecutive day of net inflows.
The total value traded exceeded $2.4 billion, and the cumulative net inflow now surpasses $12.8 billion.
Source: Soso value
Bitcoin and Ethereum lead crypto market gains
According to CoinMarketCap data, Bitcoin commanded over 53% of the total cryptocurrency market capitalization at press time.
BTC’s market cap surged by over 5% in the past 24 hours, reaching approximately $1.4 trillion.
On 20th May, the king coin experienced an almost 8% increase, closing at approximately $71,400. As of the current writing, it is trading at around $71,100, marking a negligible decrease of less than 1%.
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Conversely, Ethereum captured over 17% of the market cap at press time, with its market cap soaring by around 20% in the last 24 hours to nearly $450 billion.
The king of altcoins was trading at over $3,700, indicating a rise of over 2% since this report.