Bitcoin (BTC) surpassed the $48,000 threshold for the second time in nearly two years this Sunday, signalling a resurgence for the leading cryptocurrency.
The BTC/USD pair soared even higher today, coming close to reaching $49,750 in mid-afternoon trading sessions.
This week, Bitcoin has seen an impressive nearly 15% increase, reversing its earlier unexpected downturn following the approval of ETFs.
A month after the US Securities and Exchange Commission (SEC) approved bitcoin-linked exchange-traded funds, the spot markets are now aligning with the expected trajectory.
Regarding the broader bitcoin ETF market, Exceptionally high trading volumes have been sustained, with a total of around $5.5 billion in the past week alone, averaging about $1.1 billion in daily trades.
“Since their launch, these ETFs have seen a cumulative trading volume of $35.6 billion, with an average daily volume of approximately $1.7 billion.”
Bitcoin’s market dominance – its proportion of the total global cryptocurrency market capitalization – has also seen a significant increase, rising to 54% from 52.5% just a week ago.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency, experienced a bullish weekend and gained an additional 0.85%, reaching $2,528 this afternoon.
Over the week, the ETH/USD pair has risen just over 10%.
In the broader altcoin sector, Avalanche (AVAX) and Solana (SOL) have both seen low-double-digit percentage increases over the last seven days. Meanwhile, BNB, Ripple (XRP), and Cardano have experienced more moderate mid-single-digit growth.
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