Bitcoin and Ethereum saw sharp gains at the start of the Asian trading day. Bitcoin, the world's largest digital asset, rose 5.8% to $28,359, while Ethereum rose 3.4% to $1,793.
Meanwhile, the CoinDesk Market Index also rose 4.1% to 1,166 points.
Strahinja Savic, head of data and analytics at Toronto-based crypto platform FRNT Financial, said in a report: "Bitcoin surpassed the $28,000 mark, and its share of the total crypto market capitalization exceeded 50% for the first time. Unlike most other digital assets, Bitcoin does not involve any regulatory complexities, which is particularly evident in the United States."
Savic also said that BlackRock’s filing for a Bitcoin exchange-traded fund really highlights the interest of institutional investors. Despite the sell-offs and bankruptcies we saw earlier this year and in late 2022, Bitcoin has remained stable.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, pointed to the filing of a bitcoin exchange-traded fund (ETF) and new institutional-backed crypto exchange EDX as case studies of the crypto bull run.
“It would not be surprising if Bitcoin continues to lead the market. $30,000 will become an obvious resistance level,” he said.
