Investing.com | Editor Nikhilesh Pawar
Published Nov 21, 2023 04:46
The cryptocurrency market has experienced a significant upturn, with Bitcoin (BTC-USD) breaking through a crucial resistance level and surpassing $37,250 today. This rally is partly driven by growing optimism around exchange-traded funds (ETFs) and the broader crypto market's positive reaction to the presidential election results in Argentina.
Since early October, Bitcoin has seen a remarkable rise of over 30%, suggesting the onset of a bull market and providing a stark contrast to the subdued trading that followed the downturn in May 2022. The recent surge in Bitcoin's value also reflects heightened anticipation for pro-crypto policies after Javier Milei's victory in Argentina's presidential race. This political shift has had a ripple effect across related stocks and the entire crypto market capitalization, which expanded by 1.7% to reach $1.42 trillion.
The bullish trend extends beyond Bitcoin, as Ethereum (ETH-USD) also climbed significantly by 2.5% to $2.02K. Major companies linked to cryptocurrencies have likewise benefited from the market's positive momentum. Notable gains were observed in MicroStrategy (+3.1%), Coinbase (NASDAQ:COIN) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ:RIOT) (+4.4%), and Marathon Digital (NASDAQ:MARA) (+2.6%).
Investors and enthusiasts are closely monitoring these developments as they signal a potential shift in the crypto landscape, with the market responding favorably to both regulatory prospects and political changes that could shape the future of digital currencies.
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Written By: Investing.com
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