Cryptocurrency experts name the main reason for the sharp growth of the digital asset industry

Due to the increased chances of approval of Ethereum’s spot exchange-traded funds ETH $2,988.33 Ethereum -0.23% Market capitalization $359.21 billion VOL. 24 hours $1.5 billion , the crypto market showed significant growth — bitcoin BTC $56,303.00 Bitcoin -1.62% Market capitalization $1.11 trillion VOL. 24 hours $2.74 billion came close to reaching its all-time highs.

The second-largest cryptocurrency rose by more than 20% in a day, surpassing $ 3,700 for the first time in more than two months. The growth has led to an increase in open interest in Ethereum by almost 28% over the past 24 hours, reaching a record $ 14.95 billion.

The increase came after two prominent Bloomberg analysts, Eric Balchunas and James Seyffarth, raised their forecasts for the approval of the spot ETF-ETH from 25% to 75%. The deadline for applications from market players expires this week.

According to the analytical tracker CoinMarketCap, at the time of writing, on May 21, the flagship cryptocurrency is worth $ 71,287, an increase of 6.5%. The total number of coins circulating on the market is $ 1.4 trillion. Traders made daily trading deals worth $ 52.2 billion, an increase of 135%. BTC dominates the market with 53.8% of the industry.

The total capitalization of the cryptocurrency market gained 7.5% to $ 2.61 trillion. The fear and greed index reached 70 points.