Bitcoin Price, ETH and Altcoins Exploded! Here’s Why

Today’s top crypto prices recorded a bullish moment as Bitcoin (BTC) price broke above the $70,000 level. Additionally, Ethereum (ETH) price reached an important milestone by exceeding the $3,600 level. Moreover, other top altcoins such as Solana (SOL), XRP, and Cardano (ADA) lagged behind with significant gains. The cryptocurrency market in particular is experiencing a bullish sentiment fueled by growing optimism that the spot Ethereum ETF will be approved. This week, the SEC is considering filings from VanEck and Ark 21Shares, paving the way for a long-awaited financial instrument.

Bitcoin price jumps, Ethereum leads

Bitcoin price increased by 5.60% to $70,935.69 as of Tuesday, May 21, when this article was written. On the other hand, transaction volume increased by 137.82% in the last 24 hours to 50.90 billion dollars. The market value of crypto money was 1.40 trillion dollars. Thus, the Bitcoin price exceeded the $ 70,000 threshold. This rally reflects a broader market revival that other altcoins are also following. Market analysts are predicting a potential return to all-time highs (ATH) for both Bitcoin and Solana in the near future.

Ethereum (ETH) has been the best-performing asset, gaining a staggering 20% ​​in the last 24 hours. This rally coincided with the SEC requesting updated filings from issuers and was interpreted by analysts as a positive sign. Currently, ETH is trading near $3,700 with a market cap of over $443 billion. Its weekly gains exceeded 25%, while daily trading volume also exploded, increasing by a remarkable 264%.

Recent developments have significantly increased analysts’ confidence that the spot Ethereum ETF will be approved. Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart increased their approval rating from just 25% to a much more promising 75%. This change reflects a potential shift in the SEC’s stance, influenced by political considerations or broader market sentiment.

Market volatility expected as decision approaches

The upcoming decision on Thursday regarding the VanEck spot Ethereum ETF application, which is expected to be approved by May 23, is likely to cause price fluctuations. Any positive developments from the SEC could push Ethereum’s price even higher towards the $4,000 mark and beyond.

Additionally, large Ethereum investors are back on the scene, accumulating a significant amount of ETH in the last 24 hours. This buying pressure shows their confidence in Ethereum’s future potential. Additionally, the ETH/BTC ratio is on a sharp rise, indicating a potential shift in investor preferences towards Ethereum. Some investors are even converting their Bitcoin holdings to ETH while they wait for ETF approval.