The crypto market had another strong day as the global market capitalization surged by 1%. While Bitcoin continues to trade sideways above $30k, Ethereum is dominating the bull rally.
ETH is now up over 4% in the weekly time frame and is close to breaching the $2k price level.
The strong inflows into the crypto market have boosted other major altcoins, such as Bitcoin Cash and Litecoin as well as newly launched tokens, such as yPredict and Ecoterra.
Ethereum Inches Toward $2k
Major altcoins are in a state of euphoria, with Ethereum leading the way. Ether has surged 2.3% over the past day, bringing its weekly rally to 4.2%. The token is currently trading at $1,963 and is extremely close to hitting the $2k mark for the second time this year.
ETH is currently displaying bullish strength due to the institutional adoption of crypto, led by Bitcoin. Several TradFi giants such as BlackRock and Fidelity have filed for spot Bitcoin ETF.
Bloomberg Intelligence shows that various institutions h
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