Bitcoin and Ethereum lead cryptocurrency market surge as investors eye ETF prospects By Investing.com

The cryptocurrency market started today on an optimistic note, posting notable gains amid a broader industry bullish trend. Bitcoin price jumped to $37,241, up 1.60%, while Ethereum followed closely, rising 2.25% to reach a valuation of $1,997.

Investor sentiment has been positively influenced by the outcome of the recent presidential election in Argentina, where pro-Bitcoin Javier Milei scored a victory. This political change is perceived as favorable for the cryptocurrency space, contributing to the optimistic market outlook.

The overall market capitalization of cryptocurrencies reflected this positive trend, increasing by 2.04% to reach $1.41 trillion. This dynamism is also attributed to Fidelity's announcement of plans to launch an Ethereum exchange-traded fund (ETF), echoing similar strategic moves by other financial giants such as BlackRock (NYSE:). Despite the Securities and Exchange Commission's postponement of its review of bitcoin spot ETF proposals until early 2024, market response indicates high expectations for the eventual introduction of such investment products.

Today's gains spread to several digital currencies, with (BNB) and (XRP) among those that advanced. BNB rose modestly, trading at $246.59, while XRP rose to $0.66. Other cryptocurrencies like this reached $0.33 and appreciated slightly to around $0.088.

Of note is the performance of , which recorded an impressive weekly growth of 4.54%, reaching a new value of $60.1. On the other hand, some assets experienced declines; Its value fell noticeably amid the general market rally.

The DeFi sector also showed positive momentum, with tokens like Chainlink trading near $15 and near $23. NFT-focused tokens also participated in the rally; Internet Computer gained ground trading around $4, and Flow saw a rally around $0.77.

Stablecoins like Tether maintained stability around their dollar-pegged values, providing a counterweight within the volatile crypto environment.

This sustained growth in the cryptocurrency market reflects its impressive performance over time; Just a month ago, the total market capitalization was around $1 trillion and it has maintained that benchmark ever since.

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