Key Takeaways
- Bitcoin’s ascent over $69,000 marks a new high, influencing a broad market rally.
- The rally is driven by heightened institutional interest and positive regulatory developments.
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Bitcoin is back in the spotlight after breaking past $69,000 on Sunday. The latest rally has ignited a broad-based rally across the crypto market with altcoins moving higher over the last 24 hours.
The flagship crypto has risen almost 2% in a day, now trading at around $69,400, CoinGecko data shows. It seems poised to hit $70,000 amid ongoing market optimism as the Crypto Fear & Greed Index, which analyzes market participants’ sentiments, stays in the “greed” zone.
Bitcoin’s strong performance has inspired a rally across the broader market. Several altcoins, which began their ascent yesterday, have continued to post gains, while the majority are now mirroring Bitcoin’s upward trajectory.
ApeCoin (APE) is the biggest winner in the last 24 hours, rising over 60%. The surge comes after the launch of ApeChain, a new layer 3 blockchain developed by the ApeCoin DAO. Not only does the launch boost APE’s price but it also triggers an increase in its market volume, which saw a nearly 3000% increase, breaking the $1 billion mark.
Ethereum (ETH), the second-largest crypto asset, put in gains of 4% after conquering the $2,700 mark on Saturday, data shows.
Ethereum layer 2 tokens have also witnessed a substantial surge in the past 24 hours. Optimism (OP), Arbitrum (ARB), and…
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