The Crypto Market’s Bull Run: Exploring the Potential Causes

• The overall cryptocurrency market has recovered, exceeding a total value of $1.4 trillion.
• Bitcoin’s value peaked at $37,904 following BlackRock’s Spot Ethereum ETF application.
• Ethereum surpassed $2,100 mark after BlackRock confirmed plans for an Ethereum ETF.

Over the last day, the overall crypto market has shown a notable recovery, increasing by an extra 2%. The total market value has now exceeded $1.4 trillion, suggesting that the cryptocurrency industry maintains considerable robustness.

Despite recent comments from Federal Reserve Chairman Jerome Powell, the upward trajectory continues. Powell underscored the central bank’s preparedness to hike interest rates further if inflation does not decrease and continues to exceed their preferred 2% target.

From November 07 onwards, Bitcoin has exhibited exceptional performance, with its price escalating to $35,500. This upward trend has concurrently sparked a rise in the value of altcoins. This noteworthy achievement signifies the peak of the total crypto market capitalization in the past 16 months.

Crypto Market on the Rise

On November 09, Bitcoin’s value experienced a significant increase, peaking at $37,904. This upward trajectory was in line with the announcement that BlackRock, the globe’s leading asset manager, had submitted an application for a Spot Ethereum ETF with the Delaware Department of State.

Ethereum , the cryptocurrency with the second-highest market cap, also saw substantial growth, surpassing the $2,100 mark. This increase was directly associated with BlackRock’s confirmed plans for an Ethereum ETF, as officially stated in a Nasdaq filing.

Several other alternative cryptocurrencies have similarly experienced significant growth. During the same timeframe, Solana and Toncoin recorded 6% and 4% growth, respectively. This can be directly linked to the influx of capital into various alternative cryptocurrencies.

Nonetheless, not every altcoin performed positively, with a few witnessing slight downturns. Binance’s BNB , Ripple’s XRP , Cardano’s ADA , and Dogecoin decreased from 1% to 1.5% despite recording significant weekly gains of between 8% and 11%.

Furthermore, cryptocurrencies with lower market capitalization and notoriety, including GMX ($GMX), GROK ($GROK), ORDI ($ORDI), and CateCoin ($CATE), experienced an increase in value between 5% and 10% in the past 24 hours. This is indicative of the generally favorable outlook in the crypto market.