The cryptocurrency market has seen a significant rally, with (BTC-USD) breaking through a crucial resistance level and topping $37,250 today. This rally is driven in part by growing optimism around exchange-traded funds (ETFs) and the broader crypto market’s positive reaction to the results of the presidential election in Argentina.
Since early October, Bitcoin has seen a notable rise of over 30%, suggesting the start of a bull market and providing a stark contrast to the subdued trading that followed the recession in May 2022. The recent surge in Bitcoin’s value also reflects increased anticipation for pro-crypto policies following Javier Milei’s victory in Argentina’s presidential race. This political shift has had a ripple effect on related stocks and the entire crypto market capitalization, which expanded 1.7% to $1.42 trillion.
The bullish trend extends beyond Bitcoin as (ETH-USD) also rose significantly by 2.5% to $2.02k. Large companies linked to cryptocurrencies have also benefited from the positive market momentum. Notable gains were seen in MicroStrategy (+3.1%), Coinbase (NASDAQ:) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ 🙂 (+4.4%), and Marathon Digital (NASDAQ 🙂 (+2.6%).
Investors and enthusiasts are closely following these developments as they signal a potential shift in the crypto landscape, with the market responding favorably to both the regulatory outlook and political changes that could shape the future of digital currencies.
This article was generated with the support of AI and reviewed by an editor. For more information consult our T&C.