Bitcoin and Ethereum lead cryptocurrency market surge as investors eye ETF prospects

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Bitcoin and Ethereum lead cryptocurrency market surge as investors eye ETF prospects

Investing.com | Editor Ambhini Aishwarya

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Bitcoin and Ethereum lead cryptocurrency market surge as investors eye ETF prospects

The cryptocurrency market started today on an upbeat note, with Bitcoin and Ethereum registering notable gains amid a broader industry uptrend. Bitcoin's price jumped to $37,241, marking a 1.60% increase, while Ethereum followed closely, rising by 2.25% to reach a valuation of $1,997.

Investor sentiment has been positively influenced by the recent presidential election outcome in Argentina, where the pro-Bitcoin Javier Milei secured a win. This political shift is perceived as favorable for the cryptocurrency space, contributing to the optimistic market outlook.

The overall market capitalization of cryptocurrencies reflected this positive trend, surging by 2.04% to reach $1.41 trillion. This buoyancy is also attributed to Fidelity's announcement of plans to launch an Ethereum Exchange-Traded Fund (ETF), echoing similar strategic moves by other financial behemoths like BlackRock (NYSE:BLK). Despite the Securities and Exchange Commission's postponement of reviewing spot bitcoin ETF proposals until early 2024, the market's response indicates high expectations for the eventual introduction of such investment products.