In the rest of the market, a mixed trend is observed. Solana (SOL) continues its rise, while Cardano (ADA) and Ripple (XRP) record losses of between 0.5% and 1%.
In the rest of the market, a mixed trend is observed. Solana (SOL) continues its rise, while Cardano (ADA) and Ripple (XRP) record losses of between 0.5% and 1%.
Cryptocurrencies appear strong against the turbulence of the conventional market. In particular, the Bitcoin (BTC) Its value continues to accelerate and is approaching $28,300 this Tuesday, while Ethereum (ETH) registers a moderate decrease, moving away from the $1,600.
Standing out among all digital assets, The queen cryptocurrency, Bitcoin, is positioned at the top. Not only is it proving to be the most resilient cryptocurrency since the outbreak of the Israel-Palestine conflict, but is also achieving a significant increase compared to other large ‘altcoins’, consolidating its position as a market leader.
Bitcoin dominance rate has reached recently 52%, its highest level since April 2021, according to data from TradingView. ByteTree firm experts explain that this metric can increase even further, since Market participants are eager for approval of an exchange-traded fund (ETF, for its acronym in English) of BTC and the next halving or ‘halving’ of the queen cryptocurrency, scheduled for next April.
In this context, Bitcoin’s recent rallies are being fueled by fake news about the Securities and Exchange Commission approving a BTC spot ETF. (SEC, for its acronym in English). Although the media ‘CoinTelegraph’, responsible for publishing this information, retracts and deletes the article, in addition to apologizing, The fake news causes a rally in Bitcoin to exceed $29,000, a level that it loses shortly after.
As for the SEC’s decision not to appeal, it indicates that an exchange-traded Bitcoin fund is likely to enter the US market shortly. The possible listing of new digital assets is also expected in early 2024, after years of rejections by the SEC.
Besides, It is highlighted that the upcoming halving is another reason to invest in the world’s largest digital asset. The ‘halving’, an event that occurs approximately every four years, causes the rewards for miners to be reduced by halfconsidered a bullish event that drives the price of the cryptocurrency in the months close to this reduction.
In the rest of the market, a mixed trend is observed. Solana (SOL) continues its rise, while Cardano (ADA) and Ripple (XRP) record losses of between 0.5% and 1%.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
