The global cryptocurrency market is witnessing a remarkable upturn, with Bitcoin (BTC) and Ethereum (ETH) leading the charge alongside a surge in altcoin prices. Over the past 24 hours, the total market capitalization soared by $200 billion**, surpassing **$2.7 trillion—a clear indicator of renewed investor confidence and bullish momentum.
Bitcoin Breaks Records Amid ETF Inflows
Bitcoin reclaimed its upward trajectory, peaking at $72,000** after days of consolidation near **$67,000. This rally followed the release of favorable US Consumer Price Index (CPI) data, which bolstered market optimism. Despite minor retracements, BTC stabilized above $70,000**, with its market cap reaching **$1.4 trillion.
👉 Why Bitcoin ETFs are driving market momentum
Key drivers behind Bitcoin’s surge:
- ETF inflows: Bitcoin ETFs recorded $237.2 million in inflows on May 20.
- Top performers: Ark ($68.3M**), BlackRock (**$66.4M), and Fidelity ($64M) dominated inflows.
- Supply dynamics: Daily inflows now 8x the supply of newly mined BTC, signaling intense institutional demand.
Ethereum and Altcoins Join the Rally
Ethereum stole the spotlight with a 20% price jump, hitting $3,710—its highest level since April 9. The surge stems from growing anticipation of a spot ETH ETF approval by the SEC, with Bloomberg analysts revising approval odds from 25% to 75%.
👉 How Ethereum ETFs could reshape crypto
Market highlights:
- Ether futures open interest spiked 25% to $14.05B, eclipsing March’s record.
- Altcoins mirrored ETH’s gains, fueled by broader market optimism.
Key Cryptocurrency Metrics
| Asset | Price | 24h Change | Market Cap |
|-------------|------------|------------|-------------|
| Bitcoin | $72,000 | +7.5% | $1.4T |
| Ethereum| $3,710 | +20% | $445B |
FAQ: Understanding the Crypto Rally
Q: What’s driving Bitcoin’s price surge?
A: ETF inflows, positive CPI data, and institutional demand are key factors.
Q: Will Ethereum ETFs get approved?
A: Analysts estimate a 75% chance by May 23, per revised SEC timelines.
Q: How are altcoins performing?
A: Altcoins are rallying alongside ETH, benefiting from broader market optimism.
Q: Is this a bull market?
A: Metrics like ETF inflows and record open interest suggest sustained bullish momentum.
The cryptocurrency market remains volatile. Investors should conduct independent research before making decisions.