May 20, 2024

Here’s Why BTC, ETH, SOL, & DOGE Prices Are Rising

The crypto market rebounded with vigor on January 5, propelled by renewed optimism surrounding the anticipated approval of a Spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Investors’ sentiments have been fueled by speculation and cryptic X posts suggesting an imminent approval, with reports circulating on social media pointing to January 5 as the decisive day.

Crypto Market Recovers On Investors’ Optimism

Notably, TechCrunch senior crypto reporter Jacquelyn Melinek contributed to the fervor with a widely shared tweet, citing “sources extremely close to the matter” who hinted at “multiple” ETF approvals scheduled for Friday. However, analysts, including Bloomberg’s James Seyffart, have urged caution, dismissing the January 5 speculation as nothing but a “noise” and anticipating the SEC’s decision between January 8 and January 10.

Despite differing opinions on the approval timeline, all major cryptocurrencies have experienced a notable rally, underscoring investors’ keen interest in the potential green light for the Spot Bitcoin ETF.

In addition, some market pundits attribute this resurgence to investors capitalizing on the recent market dip, triggered in part by concerns over the SEC rejecting Spot Bitcoin ETF applications, as suggested in the Matrixport report earlier this week.

The Matrixport report had forewarned that a potential rejection could drive BTC down to $36,000. However, the market’s buoyant response after the recent crypto market selloff indicates that investors see the current dip as a strategic buying opportunity. This surge in optimism, coupled with the attractive lower prices following a significant market correction, has injected fresh energy into the cryptocurrency landscape.

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A Closer Look Into The Crypto Prices

The global crypto market cap regained momentum with a 1.84% jump over the last 24 hours to $1.68 trillion, fuelled by gains in major crypto prices. However, as of writing on Friday, January 5, the total crypto market volume was down 33.43% from yesterday to $79.34 billion.

Looking at the individual crypto prices, the Bitcoin price was up 2.17% from yesterday and traded at $43,923.15. It has touched a high of $44,770 and a low of $42,784 in the last 24 hours. Simultaneously, the Ethereum price noted gains of 1.51% and exchanged hands at $2,256.02 during writing.

Among other cryptos, the Solana price was up 2.68% to $100.85, with its trading volume declining 39.26% to $3.38 billion. In addition, the Dogecoin price has added 1.73% and traded at $0.08361 at the same time.

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