The crypto market experienced an unprecedented surge today, with Bitcoin (BTC) breaking through the $70,000 mark and Ethereum (ETH) rocketing 17% to reach $3,600. This bullish sentiment extended to other top altcoins, such as Solana (SOL), XRP, and Cardano (ADA), which also saw substantial gains.

Bitcoin Price Reaches New Heights

The Bitcoin price was up 5.60%, reaching $70,935.69 at the time of writing on Tuesday, May 21. Trading volume for BTC skyrocketed 137.82% to $50.90 billion in the last 24 hours, while its market capitalization stood at $1.40 trillion.

Ethereum Surges Past $3,600

The Ethereum price rallied 17.23% to $3,644.76 at press time, with a market valuation of $437.77 billion. ETH's trading volume spiked 259.67%, reaching $36.62 billion.

Other Top Crypto Gainers

Solana (SOL) price surged 2.36% to $181.94, with a 80.51% gain in trade volume to $4.90 billion.

XRP price recorded a gain of 3.36%, reaching $0.5348, and saw its trading volume soar by 154.83% to $1.65 billion.

Cardano (ADA) crypto price climbed 4.26% to $0.4975, with a 121.26% surge in its 24-hour trading volume, settling at $609.07 million.

Dogecoin (DOGE) price rallied 6.44% to $0.1643, while Shiba Inu (SHIB) price was up 4.42% and traded at $0.00002532.

The surge in ETH price could be attributed to the optimism surrounding the approval of the Spot Ethereum ETF applications, as the May 23 deadline approaches. According to Bloomberg, the Ether ETF approval odds have increased to 75% due to the SEC's latest announcement of updated 19b-4 filings. Moreover, the Spot Bitcoin ETFs garnered strong inflows of $237 million on Monday, May 20, which may have propelled the BTC price beyond $70,000.

The crypto market's performance today showcases the resilience and potential of the industry, with Bitcoin and Ethereum leading the charge and other altcoins following suit. As the regulatory landscape continues to evolve, with the potential approval of Spot ETFs, the crypto market is poised for further growth and adoption.