Bitcoin, Ethereum, Dogecoin Shoot Up On One Of The Best Days For Crypto In 2024 Amid Ether ETF Approval Buzz: Analyst Flags 'Robust' US Investor Demand for King Crypto
The cryptocurrency market rallied handsomely on Monday over increased odds of approval of spot Ethereum ETFs, with Bitcoin coming close to breaking its all-time highs.
What Happened: The second-largest cryptocurrency, Ether, raked in gains of more than 20% on the day, resulting in a breach of $3,700 for the first time in more than two months.
The upsurge caused Ethereum's Open Interest to shoot up by nearly 28% over the last 24 hours, reaching record highs of $14.95 billion.
The rally came after two prominent Bloomberg analysts, Eric Balchunas and James Seyffart raised their odds of spot Ether ETF approval to 75% from 25%. The final deadline for various applications falls later this week.
Bitcoin added significant gains as well, surging past $71,000 in the last 24 hours. The King Crypto was withing touching distance of breaching its all-time high of $73,000 set in mid-March.
The bull run triggered liquidations worth nearly $350 million in the last 24 hours, with short liquidations soaring to $272 million.
The Cryptocurrency Fear & Greed Index started flashing " Extreme Greed" after more than a month, signaling high degree of FOMO in the market.
Top Gainer (24 Hour)