The BTC exchange rate skyrocketed to 29,315 USD by Friday. Weekly growth is estimated at almost 10%, with a daily increase of 3.5%.
The primary driving factors at present revolve around the submission of applications by large funds to the US Securities and Exchange Commission (SEC) for a licence to launch a spot Bitcoin-ETF. Comments from the BlackRock fund indicate that this action is a response to intense competition.
Investors believe that the increased activity of funds in this area might be a sign of some positive news in the future. The information flow of the last three to four days has revolved around this topic.
The high level of market involvement can be readily explainable: these funds possess substantial resources that will flow into the cryptocurrency sector, injecting the necessary liquidity. Consequently, the BTC exchange rate might double or even triple, and altcoins will follow. This accounts for the current high tension experienced in the market.
The total cryptocurrency market capitalisation has increased to 1.11 trillion USD. The share of BTC continues to rise and now stands at 51.5%, while the share of ETH is declining to 17.1%.
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