Bitcoin and Other Altcoins in Green, What are the Driving Forces Behind the Surge

Bitcoin has made a whopping jump overnight to break above the key resistance of $4500 which has been an uphill task for quite some time now. Bitcoin has grown overnight by more than 13% and its currently facing the resistance at $5,000. Bitcoin is currently standing at around $4701 at the time of writing.

Bitcoin is often considered to be the trendsetter in the crypto space and rightly so, while Bitcoin made significant upward movement gaining up to 15%, other altcoins are in the green too, where most of them have seen an upward growth of more than 5% for the top-10 cryptocurrency, apart from the tether.

So what has caused the sudden rally in prices? While Bitcoin has been trying hard from the beginning of the year to move upwards, but most of the gains were immediately saturated, facing a tough resistance at $4,200. Now that it has crossed that limit, it has got everyone excited and optimistic about an early bull run.

Does SEC Approval For Bitcoin ETF Drove the prices So Rapidly?

While the bull run has been speculated for months, it was only last night that Bitcoin was finally able to move past the key resistance level. many believe the sudden surge in prices is being aided by the news of SEC approving not one but two impending Bitcoin ETF for Bitwise and VanEck.

The approval by SEC was quite surprising, given they have been procrastinating their decision for well over 6-months, and last postpone came only on 29th March. The decision was also made quite haphazardly as it was reported that the SEC chairman arranged for an emergency meeting to approve the two named ETF proposals.

Many even criticized SEC over the manner in which the approval was given midnight without following the decorum of the office, but the sudden decision started showing a positive impact on the market from yesterday itself, with most of the cryptocurrencies started price rallies in green.

Another cause for the sudden rise could be attributed to the impending bull run which was being speculated for the beginning of the year. As the day folds, we might come to some more convincing facts behind the sudden surge in prices of cryptocurrencies.