Bitcoin, Ethereum surge as crypto markets rally

Bitcoin, Ethereum surge as crypto markets rally

The rising value of Bitcoin and Ethereum lifted all boats, as markets rose significantly over the last 24 hours.

The cryptocurrency market is rallying following Fed Chairman Jerome Powell's remarks that it has'staying power' and as Wall Street institutions move forward in their efforts to adopt the technology.

Bitcoin's value has surged 8% and crossed the $30,000 mark for the first time since late April. CryptoGecko notes that Ethereum's value rose more than 5% to $1,877, the highest since last June.

The market swell comes after Powell's comments that 'crypto appears to have staying power as an asset class,' as he testified before lawmakers Wednesday.

Powell also said inflation has a 'long way to go' before falling to a level of 2%, but that the central bank's policy is likely to adjust as inflation tapers down.

The market surged, powerhouse firms Fidelity, Charles Schwab, and Citadel Securities entered the digital asset industry with non-custodial crypto exchange EDX. BlackRock filed an application on Thursday for an ETF based on Bitcoin.

BlackRock applied to list a Bitcoin ETF, prompting other large financial institutions to also file their own petitions.

In the top ten by market capitalization, excluding stablecoins, cryptocurrencies are all gaining by at least 2%, including a more than 7% increase by Cardano's ADA and an almost 5% gain by Solana's SOL.