Mumbai: Bitcoin (BTC) surged above $71,000 early Tuesday, its highest level since early April, while Ether increased by over 19% to $3,700, media reported.
This rally followed Bloomberg analysts raising the probability of a U.S. spot ETH exchange-traded fund (ETF) approval to 75%.
The Economic Times reported citing data from SoSoValue, Bitcoin ETFs experienced total net inflows exceeding $241 million on May 20.
BlackRocks Bitcoin ETF, IBIT, attracted over $66 million in net inflows, and Fidelitys Bitcoin ETF, FBTC, saw net inflows of $64 million.
The global cryptocurrency market cap increased by 7.9% to about $2.61 trillion in the last 24 hours. Other major cryptocurrencies also posted significant gains: BNB (5.1%), Solana (3.5%), XRP (5.7%), Dogecoin (8.6%), Toncoin (5%), Shiba Inu (6.8%), Avalanche (14%), and Cardano (7.8%).
Markets started to rally late Monday after Bloomberg analysts Eric Balchunas and James Seyffart raised the chances of a spot ether ETF approval from around 20% to 75%. CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) asked exchanges aiming to list ether ETFs to update their 19b-4 filings ahead of an important deadline this week.
Although it is unlikely that the ETH ETF will be approved this week, the SECs positive movement has spurred the market.
Meanwhile, Ethereum, the second-largest cryptocurrency by market value, rose by 19.2% to $3,667 in todays trading session.
Over the past day, Bitcoins market capitalization, the largest among cryptocurrencies, surged to $1.402 trillion.
According to CoinMarketCap, Bitcoins dominance now stands at 53.79%. Additionally, Bitcoins trading volume in the last 24 hours saw a substantial increase, jumping by 135% to $52.07 billion.
