Following the approval of Bitcoin exchange-traded funds, Bitcoin made headlines worldwide, however what was the fast impression on the crypto market?
The long-term results of the Bitcoin (BTC) ETF approval stay to be seen and are anticipated to be optimistic by most market individuals. Nonetheless, the fast results weren’t as clear-cut. After america launched its assertion on approving Bitcoin ETFs, Bitcoin buying and selling quantity skyrocketed from slightly below $40 billion to its present worth of over 62%.
![Bitcoin ETF approval: crypto volume spiked, market cap rose - 1](https://crypto.news/app/uploads/2024/01/BTC_7D_graph_coinmarketcap-1.png)
Bitcoin’s market cap equally rose from about $890 billion to its present $910 billion — a rise of $20 billion, or almost 2.25% — whereas the market cap of crypto as a complete rose from $1.77 trillion to a spike of $1.84 trillion earlier than falling again to $1.77 trillion as of press time. About $7 billion entered after which left the market in mere hours.
![Bitcoin ETF approval: crypto volume spiked, market cap rose - 2](https://crypto.news/app/uploads/2024/01/chart-1-1024x546.png)
This spike was additionally mirrored in buying and selling quantity, rising from about $86 billion to just about $140 billion. This interprets to a buying and selling quantity enhance within the crypto market of almost 63%.
Based on CoinStats knowledge, Bitcoin dominance — the proportion of the crypto market cap in Bitcoin — rose from 50.4% to a spike of fifty.8%. Then, it rapidly fell to its present worth of 49.4% as traders took to extra unstable altcoins, trying to capitalize available on the market enthusiasm.