Crypto Market Surges: Bitcoin Hits 18-Month High, Ethereum Spikes to 18-Month High

The cryptocurrency market has seen a surge in price action on Friday, with several top coins reaching levels not seen in over a year and a half. Bitcoin, the leading cryptocurrency, has skyrocketed above the $38,000 mark, reaching $38,390 at present. This is the highest level BTC has reached since May 2022. Over the past week, Bitcoin has experienced a nearly 7% rise, pushing its 30-day gains above 10%.

Investors have been pouring cash back into the crypto markets, with significant digital asset funds receiving the majority of the money. This renewed confidence comes as investors anticipate the approval of a spot Bitcoin exchange-traded fund (ETF) by U.S. regulators after a decade-long wait. The introduction of such a product would provide traditional investors with a safe and regulated way to gain exposure to the crypto world. Inflow of funds into crypto products reached $176 million last week, marking the eighth consecutive week of inflows, according to a report by digital asset fund manager CoinShares.

In addition to Bitcoin's surge, Ethereum has also experienced a notable spike, reaching an 18-month high. According to data from CoinGecko, Ethereum peaked at nearly $2,131 early on Friday and is currently trading at $2,121, representing a 4% increase for the day. Over the past 30 days, Ethereum has seen a 17% rise and continues to trend upward. It is worth noting that Ethereum was trading above $2,500 in May 2022 before the market was hit hard by the collapse of the crypto mega project Terra.

While Bitcoin and Ethereum have taken the spotlight, other cryptocurrencies have also seen positive movement. Dogecoin, the popular meme coin, has risen over 3% in the past day and is currently trading at $0.078. Its rival, Shiba Inu, has also gained nearly 3%, with a current price of $0.00000828. Solana, on the other hand, has experienced a relatively modest increase of 2% over the past day, with a current price above $58. However, over the course of the week, Solana has risen by 3%.

Overall, the crypto markets have seen significant movement, with Bitcoin and Ethereum leading the way. The anticipation of a Bitcoin ETF approval and the influx of cash into digital asset funds indicate growing confidence among investors. As the market continues to evolve, it will be interesting to see how these developments shape the future of cryptocurrencies.