Altcoin
Bitcoin on the Moon! Ethereum and Altcoins are flying
JAKARTA – The global cryptocurrency market has seen a significant spike, with the total market capitalization exceeding US$2.7 trillion (approximately IDR 40.5 quadrillion) in the past 24 hours. This increase of 200 billion (around IDR 3 quadrillion) was driven by the rising prices of Bitcoin (BTC) and Ethereum (ETH), as well as recent positive sentiment in the market.
Bitcoin (BTC) managed to reach its highest peak in weeks, hitting US$72,000 (Rp1,125,000,000) after several days of trading at around US$67,000 (around Rp1,005,000,000).
The rise in the price of Bitcoin cs occurred after the release of US consumer price index (CPI) data which sparked optimism among investors. BTC price continued to increase during the US trading session on Monday evening, although it then fell slightly, but remained above Rp 1,050,000,000 with the market capitalization reaching Rp 1.4 trillion dollars (about Rp 21 quadrillion).
Inflow of funds into the Bitcoin ETF
The flow of funds into Bitcoin from exchange-traded funds (ETFs) has contributed significantly to the positive market momentum. According to data from Farside, the Bitcoin ETF recorded an inflow of IDR 3.6 trillion (approximately USD 237.2 million) on May 20.
The main ETFs are Ark ARKB with an inflow of IDR 1.04 trillion (approximately USD 68.3 million), followed by BlackRock IBIT and Fidelity FBTC with an inflow of USD 66.4 million (approximately USD 1.01 trillion IDR) and USD 64 million (approximately IDR 975 billion). , respectively. This inflow equates to approximately eight times the daily supply of Bitcoin mined, demonstrating strong investor interest.
Ethereum does not want to be left behind
Ethereum (ETH) is leading the altcoin rally, driven by renewed optimism regarding the ETF’s spot approval from the US Securities and Exchange Commission (SEC). The announcement is expected on May 23, but speculation about possible approvals has affected the market. At one point, ETH prices increased by 20%, reaching $3,710, the highest price since April 9. Ether futures have also seen a surge in popularity due to optimistic sentiment regarding the potential spot approval of the ETH ETF.
Data from CoinGlass shows that notional open interest, which represents the total dollar value of an active futures ether contract, increased by 25% to 14.05 billion (about IDR 210.7 trillion) in the last 24 hours . This surpasses the previous record of US$13.2 billion (IDR197.6 trillion) recorded in March.
At the same time, Bloomberg analysts increased the probability of SEC approval for the Ether spot ETF from 25% to 75%, citing an accelerated submission process. The potential approval of the ETH spot ETF not only boosts the price of Ethereum but also triggers a broader market rally.
Label:
technological
aset krypto
bitcoin