Dubai, UAE – The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market rally.
The rise follows Bitcoin’s climb above $54,000 on Monday, a milestone not reached since December 3, 2021. The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, enabling investors, particularly financial institutions, to trade Bitcoin without direct ownership.
Bitcoin is anticipated to undergo its halving in the second half of April, contributing to a positive sentiment among traders.
Meanwhile, Ethereum, the leading altcoin by market cap, witnessed a 6.2% increase, reaching $3,260 on Tuesday and boasting a substantial 9.2% gain over the past week. Ethereum’s surge is attributed to the potential approval of a spot Ethereum ETF and the upcoming Dencun upgrade scheduled for March 13.
The broader cryptocurrency market reflected the positive trend, with some altcoins experiencing price hikes of up to 25%. The overall value of the cryptocurrency market rose by almost 7.7%, reaching $2.14 trillion. Bitcoin’s dominance in the crypto market was reported at 52.1%, while Ethereum held a dominance of 18.2%, as per data from CoinMarketCap, a digital asset price-tracking website.