Crypto market erupts with $110 billion surge in 24 hours

In addition to the renewed wave of optimism in the cryptocurrency sector triggered by the rumors of an imminent approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), the industry’s total market capitalization has skyrocketed, adding $110 billion in a single day.

As it happens, the cryptocurrency market cap has increased from $1.16 trillion to $1.27 trillion in the last 24 hours alone, which means it has skyrocketed by nearly 10%, mimicking the growth of its largest asset, according to the information retrieved from crypto monitoring platform CoinMarketCap on October 24.

It is also worth noting that CoinMarketCap’s ‘Crypto Fear & Greed Index’, which relies on indicators such as price momentum, volatility, derivatives market, market composition, and CMC’s proprietary data, has turned from ‘Neutral’ on October 23 (at 55.04) to ‘Greed’ on October 24 (at 67.43), suggesting increased investor confidence.

As a reminder, the last two occasions when the crypto market got such a high reading this year were back in late March and mid-April, when the Crypto Fear & Greed Index, as measured by alternative.me, reached 68 and 69, respectively, following Bitcoin’s crossing of important price thresholds, as Finbold reported at the time.

Bitcoin market cap and price analysis

At the same time, Bitcoin has increased its market cap by 12.76% in the last 24 hours, as it went from $595.79 billion to $671.83 billion – adding $76.04 billion in a single day and growing its price by 12.84% during the same time period, as the most recent data suggests.

Meanwhile, the price of the flagship decentralized finance (DeFi) asset at press time stood at $34,472, its daily advances adding to the 21.13% gain over the previous week and the increase of 29.65% across its monthly chart, as per the latest information on October 24.

All in all, should the positive sentiment in the crypto sector continue, particularly after an actual approval of a spot Bitcoin ETF, the more financial influx will it receive, and further its assets will advance compared to other, more traditional markets. 

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