Bitcoin, Ethereum in the green: Why prices are rising

The crypto market is back in the green, with the prices of Bitcoin, Ethereum and other cryptocurrencies rising sharply. Here's a market update.

Bitcoin is making a green comeback: in the past 24 hours, the crypto has risen by more dam four percent. At the time of writing, BTC is trading at €41.848 - almost as high as it was before ETF admission nearly a month ago.

The winner of the top 10 cryptocurrencies is Cardano. ADA is up more than 10 percent in the past 24 hours. Solana follows in second place, defending handily and approaching 100 euros. Despite the critical system failure this week, Anatoly Yakovenko's altcoin has posted a 9 percent price gain in 24 hours.

GBTC, China and the financial market: these are the reasons for the price hike

There are several reasons for the green rate. On the one hand, selling pressure from the Grayscale Bitcoin Trust (GBTC) has eased considerably. At the same time, BlackRock continues to buy - the world's largest asset manager now owns more than 75,000 BTC.

On the other hand, Chinese New Year begins on Feb. 10. In nine of the past nine years, this has led to higher Bitcoin prices - about 11 percent price growth on average. According to analyst Markus Thielen of Matrixport, 15 to 19 days after New Year is the ideal time to take profits.

In addition, traditional financial markets have risen significantly in recent weeks - the S&P 500 and Nasdaq100 stock indices have reached new all-time highs.