Bitcoin Surges Past $49,000 Following ETF Debut, Faces Swift Correction as Traders Shift Focus to Al

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20 Jan 2024

The recent surge in Bitcoin’s price to its highest level since December 2021 can be attributed to the approval and launch of multiple spot Bitcoin ETFs. The Securities and Exchange Commission (SEC) gave the green light for these ETFs, and their trading commenced within 24 hours of approval.
According to data from TradingView, the volatility observed before the ETF approval persisted after their launch. Bitcoin’s price experienced a notable rally, starting from a low of $45,605 in the pre-market hours and reaching a high of $49,111 shortly after the U.S. markets opened. This spike represented a significant 7.7% increase in a short period.
It’s noteworthy that the crypto market is showing positive momentum today. Bitcoin (BTC) is currently priced at $46,017, while Ether (ETH) is at $2,614. Cardano’s ADA is also trading at $0.576, and XRP is at $0.59. Interestingly, various altcoins have experienced a rally, contributing to an overall positive market sentiment. This price surge led to the total market capitalization reaching a one-year high of $1.75 trillion on January 12.

All Eyes Now on Spot Ethereum ETF

The value of Ethereum (ETH) experienced a significant surge, surpassing the $2,600 mark, shortly after the announcement of the authorization of a Bitcoin ETF. This impressive rise in ETH’s price has generated positive momentum within the Ethereum ecosystem, influencing other related cryptocurrencies.
Traders have shifted their focus from Bitcoin to Ethereum, anticipating further developments related to an Ethereum ETF following the approval of a Bitcoin ETF. Looking ahead, the SEC is set to evaluate spot applications for an Ethereum ETF in May. Prominent companies such as Grayscale, BlackRock, Invesco, Ark, and VanEck are expressing interest in launching an ETH ETF.
With Ethereum’s current trading value around $2,600, the cryptocurrency has seen a surge of more than 10% in the last 24 hours.

Top 3 Cryptos For Today

1.Pepe Coin
Coinpedia
Pepe Coin experienced a decline of over 5% in the last 24 hours, dropping its price to $0.000001356. Consequently, its market cap decreased to $561 million, and the trading volume declined by more than 14%, reaching $208 million.
2.SUI
Coinpedia
On the flip side, SUI cryptocurrency demonstrated remarkable growth, with its price surging over 18% within the last 24 hours, reaching $1.08. The market cap expanded to $1.19 billion, accompanied by a 162% increase in 24-hour trading volumes, reaching $889.2 million.
3.Aptos
Coinpedia
Aptos (APT) also showed positive movement, with its price soaring by more than 9% in the last 24 hours, reaching $9.93. The market cap of APT surged to over $3 billion, and trading volumes increased by more than 22%, indicating a rising interest in this particular altcoin.
Conclusion
In summary, the recent surge in Bitcoin’s price, driven by the approval of spot Bitcoin ETFs, has positively impacted the overall cryptocurrency market. Ethereum also experienced significant growth, surpassing $2,600. Traders are now shifting focus to Ethereum, anticipating developments related to its ETF approval after the success of the Bitcoin ETF.
In the last 24 hours, Pepe Coin declined by over 5%, SUI cryptocurrency surged by 18%, and Aptos (APT) showed a positive movement with a more than 9% increase. The cryptocurrency market remains dynamic, with ongoing developments and varying performances among individual assets. Monitoring regulatory decisions and ETF approvals will be crucial for understanding the evolving crypto landscape.

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Written by Zameer Attar

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Unveiling the Mysteries of Crypto | Analyst Extraordinaire 📊💎Stay tuned for market updates, educational content, and thought-provoking discussions🚀💡