Why Crypto Market is Pumping? This Could be the Reason

• The cryptocurrency market has displayed bullish momentum, with a 2% increase in the past 24 hours. 
• Bitcoin (BTC) has reclaimed the spotlight, surging to $37,904, marking a 16-month high.

In the past 24 hours, the broader cryptocurrency market has displayed a significant comeback, surging by an additional 2%. The total market capitalization has now surpassed the $1.4 trillion mark, indicating that the crypto sector continues to exhibit substantial strength.

This bullish trend persists despite recent statements from Federal Reserve Chairman Jerome Powell, who emphasized the central bank’s readiness to raise interest rates further if inflation fails to subside and remains above their desired target of 2%.

Since November 07, Bitcoin (BTC) has been a standout performer, with its value climbing to $35,500. This rally also fueled the surge in altcoins. This impressive performance marks the highest point for the total cryptocurrency market cap in 16 months.

Crypto Market on the Rise

Bitcoin has seen its value soar even higher, reaching $37,904 on November 9th. This uptrend coincided with the confirmation of BlackRock, the world’s largest asset manager, filing for a Spot Ethereum ETF with the Delaware Department of State.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also experienced significant gains, breaching the $2,100 range. This surge was directly linked to BlackRock’s Ethereum ETF plans, which were officially confirmed in a Nasdaq filing.

Other altcoins have followed suit, enjoying substantial gains. Solana (SOL) and Toncoin (TON) saw increases of 6% and 4%, respectively, during the same period. This can be attributed to the capital into various altcoins.

However, not all altcoins fared as well, as some experienced minor pullbacks. Binance’s BNB, Ripple’s XRP, Cardano’s ADA, and Dogecoin (DOGE) retreated by 1% to 1.5%, although they had substantial gains in a week of over 8% to 11%.

Additionally, lesser-known and lower-market-cap cryptocurrencies such as GMX ($GMX), GROK ($GROK), ORDI ($ORDI), and CateCoin ($CATE) also saw gains ranging from 10% to 5% in the last 24 hours, reflecting the overall positive sentiment in the crypto market.