Bitcoin (CRYPTO: BTC), in the past 24 hours, saw trading volume increase 36% to $17.6 billion.
The largest trading cryptocurrency has also seen an expansion of 2.5% in its market cap.
The news comes after Bitcoin prices surged around 11% last week, while other cryptocurrencies across the board — Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE) — saw gains in the range of 5-8%, according to CoinMarketCap.
Greg Magdini, director of derivatives at Amberdata, told CoinDesk that Bitcoin remains an “even more interesting asset, given perfect-portability, inflation hedge, and government agnostic wealth preservation.
“Combine the optimism around the BTC ETF and the Ripple lawsuit, and altogether, this strikes me as a very bullish development for BTC as a whole,” he added.
While the broader SPX (-3%) and DJIA (-2%) have been pressurized due to higher bond yields in the past five-day trading, the crypto market is seen to be protected against these headwinds as the SEC is likely to see a Spot Bitcoin ETF approval soon.
While the Fed is indicating a possible pause in rate increases amid the Israel-Hamas war, a weakening U.S. dollar is pushing gold prices to almost a five-month highest level with an almost 9% gain in the past two weeks. All these scenarios are turning out positive for Bitcoin as well cushioned by the likely Spot Bitcoin ETF approval.
Technical analysts indicate that if the BTC prices fall below the $31,000 mark it would push the BTC/USDT pair to the 20-day exponential moving average at $28,160, as reported by CoinGape.
Barrons cited an analyst at broker FxPro, Alex Kuptsikevich, “A consolidation above $31,000 could force the bears to capitulate and quickly send the price into the $40,000 area.”
Produced in association with Benzinga
