Crypto Bull Run: Bitcoin Touches $30k, and Others Follow Suit
A fresh wave of positivity is sweeping across the crypto market as Bitcoin (BTC) hits a significant $30,000 mark. This surge follows reports hinting at the possible approval of a Bitcoin Exchange Traded Fund (ETF) in the United States, sending ripples of bullish sentiment throughout the entire crypto market.
Bitcoin Market Surge
Bitcoin has had a promising 24 hours, seeing a 5.47% surge. This rise has placed its market capitalization at a whopping $585,410,567,303. The crypto king has gained up to 12% in the past seven days. Yet, it is essential to note that while this growth is impressive, Bitcoin is still down 58% from its all-time high of $69,045.00.
The recent spike in Bitcoin’s price and the overall market trend can be monitored via such indicators as the Bollinger Bands Width, suggesting a possible volatility shift in the market. The positions of the Bollinger Bands 50 and the Moving Average 50 signal a bullish trend for Bitcoin.
Ripple Effect: Other Cryptos Follow Suit
This optimistic market sentiment is positively affecting other cryptocurrencies too. Two notable beneficiaries of this effect are Solana (SOL) and Ripple’s XRP, outperforming Bitcoin with their 24-hour growth rates of 12% and 8% respectively.
Ethereum (ETH), standing second in line to Bitcoin in market cap, currently valued at $195,077,459,001, has also surged by 4.5% in the last 24 hours. This has led some analysts to predict an Ethereum price target as high as $2,919.86 by the end of the year.
The meme coins are not to be left out as both Dogecoin (DOGE) and Shiba Inu (SHIB) have seen increases of 3.5% and 4.3% respectively in the last 24 hours.
Several factors are driving this upward market trend. The most significant seems to be the possibility of a spot Bitcoin ETF approval, triggered by Federal Reserve Chairman Jerome Powell’s recent comments on interest rate hikes. Galaxy Digital CEO Mike Novogratz is amongst those predicting the imminent approval of the spot-based ETF product with an estimated 75% likelihood of happening this year, and almost certain chances by 2022.
Matrixport foresees Bitcoin trading between $42k to $56k following a desirable outcome from BlackRock’s ETF approval. This prediction is based on the potential investment inflow from gold ETF investors into the crypto market.
Overall, the potential approval of the Bitcoin ETF in the US has set off a surge of optimism, positively impacting Bitcoin and the entire crypto market. While Bitcoin is yet to reach its all-time high, signs of a bullish trend are evident, as major cryptocurrencies show notable growth,resulting from Jerome Powell’s statement on interest rate hikes and likely ETF approval. The projected approval of an ETF product brings with it the promise of more extensive digital asset acceptance, increasing inflows from gold ETF investors, and a much wider market reach. Thus, crypto investors can be rightfully optimistic about the potential for considerable market growth.