Cryptocurrency Price on May 21: Bitcoin jumps above $71k amid inflows in spot BTC ETFs; Ethereum, Avalanche rally up to 19%

"Bitcoin went up by a whopping 6% in the last 24 hours amidst a buying frenzy and resurgence of money inflows in spot ETFs," said Rajagopal Menon, Vice President at .

On a similar line, Edul Patel, CEO of , said, "Bitcoin hovered to $71,000 level with increasing inflows into the Bitcoin spot ETFs. BTC is facing resistance at the $71,850 and then $73,777 and support lies at the $68,850 level."

The global market cap surged by 7.9% to around $2.61 trillion in the last 24 hours.

Other major crypto tokens such as BNB (5.1%), Solana (3.5%), XRP (5.7%), (8.6%), Toncoin (5%), Shiba Inu (6.8%), (14%), and Cardano (7.8%) also surged.

Meanwhile, the second largest cryptocurrency, in value terms, rallied 19.2% to $3,667 in today's trade.

"Ethereum has surged by ~20% overnight by registering its biggest candle in 5 years after positive developments on its spot ETF decision. US SEC has requested Ethereum spot ETF applicants to update their 19b-4 filings - indicating that they are likely to be approved this week," said Vikram Subburaj, CEO of Giottus.

The volume of all stablecoins is now $123.84 billion, which is 91.94% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, increased to $1.402 trillion. Bitcoin's dominance is currently 53.79%, according to CoinMarketCap. BTC volume in the last 24 hours rose 135% to $52.07 billion.

"Bitcoin could test the $74,000 level in the coming weeks if the current momentum continues. The euphoria around Bitcoin Pizza Day tomorrow may add to the already buoyant investor sentiment," said Shivam Thakral, CEO of BuyUcoin.

Meanwhile, CoinDCX Research Team, said, "Technically, BTC now has one last level to clear, around $73,700. Above that, it would enter price discovery mode. Currently, BTC looks highly bullish and might consolidate a bit here, which could allow altcoins to shine."

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times