Massive Increase in Bitcoin and Ethereum Price: Both Currencies Hit 2023 Highs

Crypto News – As the overall cryptocurrency market’s market cap increased by almost 10% overnight, Bitcoin and Ethereum had early-day gains of almost double digits.

Massive Increase in Bitcoin and Ethereum Price: Both Currencies Hit 2023 Highs

All eyes are on Bitcoin (BTC), the biggest cryptocurrency in the market, which is currently trading above the $33,000 mark and up 12.6% on the day. According to data from CoinGecko, the largest cryptocurrency by market capitalization climbed beyond $35,000 late on Monday before tumbling to $33,511 at the time of writing.

According to CoinGlass, this is the highest price for Bitcoin since May of last year, and the increase has led to the liquidation of more than $310 million worth of short positions over the last day. The BTC Fear and Greed Index, a well-known indicator used to gauge the general opinion toward Bitcoin, unexpectedly soared to 67, putting it in the “Greed” category.

Ethereum Hits $1,850 During the Day

With its highest position since August, Ethereum (ETH) has also experienced a considerable surge. The second-largest cryptocurrency at the moment is trading for $1.782, up 5.33% on the day.

According to CoinGecko, the market capitalization of all digital assets has increased by more than $100 billion over this time period, rising 9.3% past the $1.3 trillion threshold to reach its highest level since April. As a result of a number of significant developments on Monday that fueled renewed confidence around the likely introduction of a spot Bitcoin ETF, more than half of that currently includes Bitcoin.