What Happened: Bitcoin prices crossed the $45,000 mark for the first time since the approval of the spot exchange-traded funds (ETFs) on Jan. 10. Open interest increased by 11.5% in the past 24 hours, reaching $20.2 billion, according to CoinGlass data.

Several factors contributed to the surge:

Bitcoin continues to seep into mainstream culture following the ETF approvals, with digital billboards on the Times Square flashing crypto-related ads

Cryptocurrency analysts and observers remain upbeat about Bitcoin's prospects. One trader sees $45,000 the a key level to flip for "an explosive move" to $50,000. 

What’s Next: Bloomberg Senior ETF analyst Eric Balchunas states that the next wave of ETF Bulls includes investors from Canada, Europe and China.

Crypto Slate lead analyst James Van Straten highlights that any drop in Bitcoin will be short-lived and it will resume its upward trend.

Ethereum is also trading 1.6% higher on the heels of bullish market sentiment and rumors around the spot Ether ETF decision in May.

Read Next: Bitcoin Halving Could Make 9 Of 11 Largest Public Miners Unprofitable: Analyst

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