Bitcoin Over 36,500, Rises 37% In 1 Month, Ethereum Up 32%; What Is Needed To Sustain Bulls Here?

Despite the latest bumps in the trading of crypto markets, broadly, it has witnessed a huge bull ride with the leader Bitcoin rising nearly 36% in a month and Ethereum surging over 32%. Bitcoin is currently over the 36,500 dollar mark and Ethereum holds over $2,050 levels. Over the month, one of the biggest contributors to the bullish drive in cryptocurrencies would be the world's largest asset manager, BlackRock's plan for launching Bitcoin and Ethereum ETF.

On CoinMarketCap, the global crypto market cap is at $1.4 trillion, down by 1.04% over the last day. However, the total crypto market's volume increased by nearly 31% to $62.44 billion compared to the previous day. The total volume in DeFi is currently $6.69B, 10.71% of the total crypto market 24-hour volume. The volume of all stablecoins is now $54.97B, which is 88.04% of the total crypto market 24-hour volume.

Bitcoin's dominance stays over 51% currently. The largest crypto in terms of market cap traded marginally up in the last hour to over $36,505 levels. In the past seven days, Bitcoin has gained by nearly 5%. But in a month, its upside is huge by 36% as of now, as per the CoinMarketCap data. The crypto's market cap is over $713.67 billion currently.

Meanwhile, Ethereum traded flat at over $2,055 currently, however, has gained by nearly 9% in seven days outperforming Bitcoin. Its monthly upside is over 32.4%. At present, Ether has a market cap of nearly $247.3 billion.

On month-wise gains, Bitcoin has outperformed Ethereum.

Rajagopal Menon, Vice President, WazirX has explained what has been driving the surge in the crypto market and what is needed to sustain the bulls:

What's Driving the Surge?

BlackRock ETF Application: BlackRock, one of the largest asset managers globally, is in the advanced stages of launching a Bitcoin ETF. Its listing details have appeared on the DTCC website, signalling a significant step towards approval.

Seeding Announcement: BlackRock announced that they would be seeding their ETF with cash, which is earlier than people expected. This is also a positive sign for the market, showing readiness for the launch.

Grayscale vs. SEC Lawsuit Settlement: Although not resulting in a mandate from the courts, the settlement and lack of appeal from the SEC are considered bullish by some market participants.

Market Technicals: The market has broken out of a sideways range, indicating a renewed uptrend. Many investors follow technical signals, and these suggest a strong bull run.

What's Needed to Sustain the Bull Run?

Regulatory Clarity: With the Grayscale vs. SEC lawsuit having no clear mandate, regulatory clarity is essential for sustainable growth.

Institutional Participation: If BlackRock's ETF is approved, it could pave the way for more institutional investors to enter the space.

Positive News Flow: Further bullish news and developments can add fuel to the fire.

Market Sentiment: Continued positive sentiment can attract more retail investors.

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