- Lookonchain suggested that the iShares Spot Bitcoin Trust getting listed on the DTCC may be the main reason cryptocurrency prices jumped.
- The SEC has also accepted a rule change to list and trade shares of the Grayscale Ethereum Futures Trust.
- Meanwhile, crypto analyst Ali revealed that the next 2 critical areas of resistance for BTC are $38,440 and $47,360.
Lookonchain, the on-chain tracking platform, revealed in an X post earlier today the main reason the market leader Bitcoin (BTC) has surged over the past 24 hours. According to the post, the iShares Spot Bitcoin trust has been listed on The Depository Trust & Clearing Corporation (DTCC).
Lookonchain also shared that the U.S. Securities and Exchange Commission (SEC) has accepted the rule change to list and trade shares of the Grayscale Ethereum Futures Trust. The cryptocurrency market saw its collective valuation jump as a result of these recent developments.
According to data from the cryptocurrency market tracking website CoinMarketCap, the total capitalization of the cryptocurrency market spiked 8.51% throughout the past day of trading. Subsequently, the total market cap stood at around $1.27 trillion.
During this time, both of the market leaders Bitcoin (BTC) and Ethereum (ETH) printed substantial gains. At press time, BTC was trading at $34,345.56 following its 24-hour gain of 11.33%. Similarly, ETH was up 7.45% — boosting its price to $1,825.84 as a result. The weekly performances for both cryptocurrencies were also in the green zone.
Notably, BTC’s price was able to break above $35K over the past 24 hours. CoinMarketCap data indicated that the leading cryptocurrency’s price climbed as high as $25,150.43 during the past day of trading. It has since undergone a slight correction to trade at its current price. Nevertheless, BTC was still closer to its 24-hour high than its daily low of $30,379.21.
In related news, the cryptocurrency trader and analyst Ali revealed that BTC built a massive support barrier between $25K and $30K According to his post, the UTXO Realized Price Distribution (URDP) model currently suggests that the next two critical areas of resistance for the cryptocurrency are $38,440 and $47,360.
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