The crypto market had another strong day as the global market capitalization surged by 1%. While Bitcoin continues to trade sideways above $30k, Ethereum is dominating the bull rally.

ETH is now up over 4% in the weekly time frame and is close to breaching the $2k price level.

The strong inflows into the crypto market have boosted other major altcoins, such as Bitcoin Cash and Litecoin as well as newly launched tokens, such as yPredict and Ecoterra.

Ethereum Inches Toward $2k

Major altcoins are in a state of euphoria, with Ethereum leading the way. Ether has surged 2.3% over the past day, bringing its weekly rally to 4.2%. The token is currently trading at $1,963 and is extremely close to hitting the $2k mark for the second time this year.

ETH is currently displaying bullish strength due to the institutional adoption of crypto, led by Bitcoin. Several TradFi giants such as BlackRock and Fidelity have filed for spot Bitcoin ETF.

Bloomberg Intelligence shows that various institutions have previously applied for spot Bitcoin trading as many as 30 times, but have been rejected by the SEC. Therefore, an approval from the top market watchdog would likely be incredibly bullish for the entire crypto industry, including Ethereum.

The crypto market tumbled after SEC officials claimed that the recent filings have been inadequate. However, brokerage firm Bernstein believes that the chances of approval by the SEC are “fairly high” as institutions such as Fidelity are already refiling their applications.

Ethereum is also enjoying its fair share of institutional attention. A new crypto exchange EDX, backed by giants Charles Schwab, Citadel, and Fidelity, has offered Ethereum trading to its users. The exchange offers trading for only three other crypto assets – Bitcoin, Bitcoin Cash and Litecoin.

Experts believe that the sudden institutional attention on Ethereum may be a signal that the token will not be labelled a security by the SEC.

The market is also exploding due as economic data continues to signal cooling inflation levels. The