Bitcoin Fever drives crypto prices higher as interest in ETFs grows.

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Bitcoin coins are placed on a candlestick background.

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The cryptocurrency market gained around $60 billion on Wednesday in New York as the price of bitcoin surged above $30,000 for the first time in two months, following a series of announcements that Institutional players including BlackRock, InvescoIVZ, and Wisdom Tree are seeking permission to offer exchange-traded funds based on the original digital asset.

This vote of confidence has given some traders and investors the conviction that the market has lacked in recent weeks, says Noelle Acheson, crypto market analyst and former head of research at CoinDesk and Genesis Trading.

The launch of Citadel-backed crypto exchange EDX apparently also contributed to the gains. Restoring institutional interest in the market was the necessary catalyst, says Todd Groth, head of indices research at CoinDesk Indices. The exchange will offer professionals access to bitcoin, ether, litecoin and bitcoin cash.

BitcoinBTC, up nearly 10% in the past 24 hours to $30,165.96, led the day’s rally, according to CoinGecko. Ether, the second-largest crypto by market cap, rose 5.3% to $1,873.85. The overall market gain was around 5%.

The value of cryptocurrency markets rebounded to $1.22 trillion from a recent low of $1.06 trillion on June 13 after the SEC charged the two largest crypto exchanges, Binance and Coinbase, for the sale of unregistered securities, earlier in the month.

Sentiment has definitely shifted, says Acheson, but the market still faces some headwinds, and despite what may have been shown today, BTC is not yet fully divorced from traditional market sentiment.

Tokens designated as securities in the SEC lawsuits partially recovered after falling on the news. Solanas sol, Polygons matic and Cardanos ada are up 4%, 8% and 7.6% respectively in the last 24 hours. All three are still down more than 20% since June 5, the day of the SEC lawsuit against Binance.

But the market remains dominated by bitcoin and ether, since they represent 66.5% of its market. This bifurcation, Groth says, will likely increase as they are under the veil of regulatory certainty.

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