The post Bitcoin, Ethereum Soar Double Digits as Crypto Markets Add $100 Billion appeared on BitcoinEthereumNews.com.

It’s all eyes on Bitcoin (BTC) as the industry’s largest cryptocurrency is up 12.6% over the day, trading above the $34,000 mark. The largest cryptocurrency by market cap surged above $35,000 late on Monday before backtracking to $34,540 at the time of writing, data from CoinGecko shows. This is the highest value for Bitcoin since May last year, with the move resulting in a total of over $310 million in liquidated short positions in the past 24 hours, per CoinGlass. Interestingly, the BTC Fear and Greed Index—a popular metric that measures the overall sentiment towards Bitcoin—spiked to 66, meaning that it is now in the “Greed” territory. Ethereum (ETH) has also enjoyed a significant upswing, reaching its highest point since August. At press time, the second-largest cryptocurrency is trading hands at $1,830, up 10% over the day. The total market capitalization of all digital assets has meanwhile swelled more than $100 billion over the span, soaring 9.3% above the $1.3 trillion mark—the peak value since April, according to CoinGecko. More than a half of that now accounts for Bitcoin, as several important events unfolded on Monday, sparking a new wave of optimism about the potential launch of a spot Bitcoin ETF. Stay on top of crypto news, get daily updates in your inbox. Bitcoin ETF on the horizon? Several ETF applications have taken the spotlight of late. First is Grayscale’s Bitcoin Trust (GBTC), which gives holders exposure to Bitcoin via shares. Those shares, however, have traded at a hefty discount of late as holders aren’t able to redeem the underlying. Grayscale aims to fix that by filing to convert the Trust into a full-blown Bitcoin ETF. The filing was first rejected by the SEC, but earlier this month a court ruled against the SEC’s rejection, and yesterday the Commission was…

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Filed under: News - @ October 26, 2023 5:22 am