Bitcoin and crypto tokens continue to surge as momentum remains bullish
Bitcoin and other crypto tokens continued their bullish momentum in the new week on Monday, stepping into early trades on a high note. The euphoria around regulatory approval of a spot bitcoin exchange-traded fund (ETF) listing has helped the crypto market surge.
Bitcoin remains firm as largest crypto token gains
Bitcoin continued to remain firm as the largest crypto token gained about a per cent and managed to hover strongly above the 34,000-level. Its largest peer, Ethereum, also saw gains, although it remained below the $1,800-level. Meanwhile, majority of the altcoins were trading with gains.
Positive outlook regarding ETF applications drives Bitcoin’s position
Bitcoin’s position above the $34,000 threshold has been driven by the prevailing positive outlook regarding the potential approval of Bitcoin Spot ETF applications in the United States, according to Edul Patel, Co-Founder & CEO at Mudrex. The ProShares Bitcoin Strategy ETF (BITO) witnessed its second-largest trading week to date, racking up $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) recorded $800 million in trading volume, possibly amplifying the overall market’s positive sentiment. Ethereum, on the other hand, maintained its trading value above $1,700.
Majority of top crypto tokens trading higher
In early trades, a majority of top crypto tokens were trading higher. Solana surged about per cent, while Chainlink and Polkadot gained 3 per cent each. Polygon, Cardano and XRP also gained about 2 per cent each. Even the dollar pegged stablecoins inched up.
Global cryptocurrency market cap increases
The global cryptocurrency market cap was trading significantly higher, rising up to $1.26 trillion, as it jumped about a per cent in the last 24 hours. However, the total trading volumes surged more than 13 per cent to $27.37 billion.
Upcoming macro events introduce potential volatility
While Bitcoin concluded the week with a remarkable 15 per cent gain, it remains to be seen how upcoming macro events may introduce volatility to the crypto market. The US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change all have the potential to impact the market.
Tech View by Giottus Crypto Platform
Chainlink (LINK) is currently experiencing a major rally, propelled by the RWA (Real world assets) narrative and wider positive sentiment in the market. The token has seen a considerable surge in price, going from $5.9 in early September to $11.2 today, a 90% surge in price. The token has broken the $10 key resistance level, and continued strong development is likely.
Major Levels
Support: $10, $9, $7.85
Resistance: $12, $13.5
Overall, the crypto market remains in a bullish position, with investors and analysts closely watching for any potential impact from upcoming macro events.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
