The total crypto market cap surged over 4 percent in the past 24 hours. It hovered around $2.41 trillion on Monday during the mid-London session. Bitcoin’s price led the altcoin industry in this bullish trend. The market had been in a bearish outlook for the past four weeks.
According to the latest data, Bitcoin’s price reached a daily high of about $63k before retracing to $62,700. Ethereum’s price also surged over 4 percent to hover around $3,347.
The increased demand from whale traders has significantly boosted the market. More than $1 billion in cash inflows to spot Bitcoin ETFs were noted last week. On-chain data shows several altcoins have registered a plethora of whale purchases in the past few days. Chainlink whales, for instance, scooped more than 10 million LINKs worth over $120 million in the past two weeks.
Clear regulatory frameworks in different jurisdictions have also given the cryptocurrency industry a significant boost. The US SEC has lost several cases against crypto projects and dropped investigations into others. Meanwhile, the EU continues implementing the Markets in Crypto-Assets (MiCA), attracting more institutional investors into the web3 space. Bitcoin’s fear and greed index surged to around 52 percent, neutral, from 25 percent, extreme fear, last week.
The failed assassination of US presidential candidate Donald Trump over the weekend also impacted the market. The odds of his re-election have significantly increased. Trump, a pro-crypto candidate, is still expected to attend the Bitcoin 2024 conference in Nashville. He has received tremendous support from crypto investors like Tron’s Justin Sun, Dogecoin’s godfather Elon Musk, and the Gemini brothers, among others.
The crypto market is in a macro bull cycle marked by the fourth Bitcoin halving earlier this year. Until Bitcoin’s price consistently closes above $73k, the crypto market will continue to consolidate. However, the final approval of spot Ethereum ETFs and the anticipated U.S. interest rate cuts later this year will likely trigger the next phase of the crypto bull run.
