Why Is The Crypto Market Up Today?

2023-11-23 12:30

The crypto market is seeing gains today, with the overall market capitalization up 2.65% over the last 24 hours to $1.42 trillion.

The two largest cryptocurrencies, Bitcoin and Ethereum, are helping to lead the charge higher, with BTC up 2.7% and ETH gaining 3.6%.

There are a few key developments driving renewed optimism and flows back into the crypto space:

Representatives from BlackRock, the world’s largest asset manager, met with the SEC to discuss potential approval pathways for launching a Bitcoin spot ETF in the US. BlackRock is seen as the front-runner for getting regulatory approval, given its strong track record. The prospect of finally getting a US spot Bitcoin ETF is exciting many investors.

There are also growing signs of renewed interest and activity in altcoins like Dogecoin, based on blockchain analytics and reported by Santiment.

Data shows a massive amount of older DOGE being moved out of dormant wallets, along with 121 new million-DOGE wallets being created in the past month. Speculation and meme-fueled interest appears to be returning.

Source: Santiment – Start using it today

Finally, Binance’s agreement to pay $4.3 billion in fines and install a monitor has eliminated a major regulatory overhang for the crypto industry. With the case settlement, the next Bitcoin halving ahead, and potential spot ETF approvals, there is a building sense of bullishness returning to crypto markets.

So in summary – excitement around a potential BlackRock Bitcoin ETF, resurgent interest and activity in Dogecoin and altcoins more broadly, and clearing of the Binance regulatory cloud have combined to give crypto markets a bid today and put investors back in a more optimistic frame of mind.

Other developments

Aave ($AAVE) will start trading on HashKey Exchange on November 23rd. Dopex ($DPX) has launched rDPX V2. Polygon ($MATIC) announced a zkEVM Mainnet Beta update on November 23rd at 13:00 UTC. Bybit removed an announcement of a SPOT listing for Milk Token ($MLK) after posting it yesterday. Theta Network ($THETA) revealed Theta EdgeCloud, a distributed cloud platform for video, 3D, and AI, set for a 2024 launch.

Neopin ($NPT) signs MOU with Ticker Capital. Bithumb to list SPURS ($SPURS) in KRW market, trading starts at 03:00 UTC. Stratis ($STRAX) will release details on the STRAX to StratisEVM token swap this Friday. Sam Altman returns as CEO of OpenAI ($WLD).

If these trends continue, we could see the crypto market caps make a run toward their 2021 highs.

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The post Why Is The Crypto Market Up Today? appeared first on CaptainAltcoin.

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