Why is the Crypto Market Up Today? Has The Bull Run Begun?

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The total crypto market cap surged more than 4 percent in the past 24 hours to hover about $2.41 trillion on Monday during the mid-London session. After being trapped in a bearish outlook in the past four weeks, Bitcoin’s (BTC) price led the altcoin industry in a general bullish consensus. 

According to the latest crypto market data, Bitcoin’s price reached a daily high of about $63k before retracing towards $62,700. Ethereum’s (ETH) price surged more than 4 percent to hover around $3,347. 

Top Reasons Crypto Surged

Increased Demand from Whale Traders

The demand for digital assets has significantly increased in the past few days as depicted by the more than $1 billion in cash inflows to spot Bitcoin ETFs last week. 

Meanwhile, on-chain data shows several altcoins have registered a plethora of whale purchases in the past few days.

For instance, Chainlink whales scooped more than 10 million LINKs, worth over $120 million in the past two weeks.

Declining Fear of Capitulation 

Clear regulatory frameworks in different jurisdictions have given the cryptocurrency industry a significant boost. Already, the US SEC has lost several cases against crypto projects and dropped investigations into others. 

Meanwhile, the EU continues implementing the Markets in Crypto-Assets (MiCA), thus attracting more institutional investors into the web3 space.

As a result, Bitcoin’s fear and greed index surged to around 52 percent, neutral, from 25 percent, extreme fear, last week.

Failed Assassination of Donald Trump

After the failed assassination of US presidential candidate Donald Trump over the weekend, the odds of his re-election have significantly increased. The pro-crypto US presidential candidate is still expected to attend the Bitcoin 2024 conference in Nashville.

Already, Trump has received tremendous support from crypto investors led by Tron’s Justin Sun, Dogecoin’s godfather Elon Musk, and Gemini’s brothers, among others.

What Next?

The crypto market is in a macro bull cycle that was marked by the fourth Bitcoin halving earlier this year. Until Bitcoin’s price consistently closes above $73k, the crypto market will continue to consolidate.

However, the inevitable final approval of spot Ethereum ETFs amid the anticipated U.S. interest rate cuts later this year will trigger the next phase of the crypto bull run.