Why Did the Market Go Up Today?
The crypto market rose by 0.76% over the last 24 hours, keeping pace with a 17% monthly uptrend. This upward move is largely driven by positive regulatory developments and the strength of the Ethereum ecosystem. While these factors boosted market sentiment, altcoins still lagged behind Bitcoin's dominance.
Here’s a quick breakdown:
1. Policy Support:
The White House released a crypto report hinting at the possibility of a Strategic Bitcoin Reserve (SBR), suggesting potential long-term government interest in holding BTC.
2. Ethereum Milestones:
On Ethereum’s 10th anniversary, ETH ETFs saw a strong $2.3 billion in inflows, signaling growing institutional trust and momentum.
3. Correlation with Risk Assets:
Crypto moved in sync with risk-on markets like Nasdaq and S&P 500. The 24-hour correlation with SPY/QQQ stood at +0.89, reflecting bullish investor sentiment.
