What's Behind This Weeks Crypto Market Rally?

Following a smaller-than-expected interest rate hike from the Bank of Canada, positive US economic data, and the UK parliament's approval of cryptocurrencies as regulated financial instruments, the cryptocurrency market has experienced significant gains in the past few days. The total market cap has once again exceeded $1 trillion, and Bitcoin jumped above $21,000 for the first time since mid-September.

  • Bitcoin Jumped to $21K, and the total crypto market cap exceeded $1 trillion
  • Ether and the rest of the top 10 cryptocurrencies by market capitalization rose
  • UK parliament approved cryptocurrencies as regulated financial instruments
  • Bank of Canada surprised investors with smaller-than-expected interest rate hike
  • United States Census Bureau data shows new home sales continue to weaken

After slumping lower and lower for months and being confined to a small trading range in recent weeks, the overall crypto market saw huge gains. The overall market cap exceeded $1 trillion for the first time since mid-September, and all of the top 10 coins are rising. On 26 October, the Bank of Canada released …

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