Bitcoin is approaching $31,000; Ethereum is at $1,700; and ChainLink is up 11%

Bitcoin increased by more than 2% to hover over 31,000, but Ethereum outperformed it by increasing by more than 3% to hover near $1,700.

Bitcoin and other crypto tokens rose sharply on Monday, as the optimistic trend in the cryptocurrency markets extended throughout the weekend. The prospect of a spot bitcoin exchange-traded fund (ETF) approval in the United States boosted the momentum in the digital asset market, which was greeted with widespread buying enthusiasm.

Bitcoin continues to rise, with the last crypto token rising more than 2% to hover above 31,000 levels. However, its greatest peer, Ethereum, outperformed, rising more than 3% and inching closer to the $1,700 mark. The vast majority of altcoins were trading higher.

Bitcoin hit the $30,000 milestone over the weekend, propelled by increased excitement about the likely approval of a Bitcoin Spot ETF following the modification of many applicants’ petitions with the SEC last week. The price movement has resulted in Bitcoin reaching a three-month high and a weekly increase of more than 11%.

The market is currently optimistic. Concurrently, Ethereum has broken over the $1,600 barrier level and is now trading above $1,650, while altcoins such as Solana and Chainlink have grown by more than 35% and 41%, respectively, in the last week.

With the exception of the USD currency and Tron, the bulk of popular crypto tokens were trading with significant gains on Monday. Chainlink increased by more than 11%, while Polygon increased by 8%. Solana gained nearly 5%, while BNB and Polkadot gained 3% each.

The worldwide cryptocurrency market cap was trading considerably higher, reaching $1.17 trillion after increasing more than 2% in the previous 24 hours. However, total trade volumes increased by more than 22% to $49.22 billion.