Furthermore, investment sentiment has reached levels not seen since Bitcoin hit its all-time high of $69,000 in November 2021.
In other currencies, most ‘altcoins’ are experiencing a moderation in their rally, although the gains of almost 3% in Solana (SOL) stand out.
Cryptocurrencies are in a moderation phase after recent rallies. Bitcoin (BTC) falls back around $34,100, while the Ethereum (ETH) drops a little more than 3% in the last 24 hours, settling just below 1,800 Dollars.
This week, the leading cryptocurrency surpassed the $35,000 barrier driven by growing optimism surrounding the approval of cash exchange-traded funds (ETFs) proposed by BlackRock and other companies. This not only led the leading cryptocurrency to new yearly highs, but also strengthened its dominance in the market by reaching 54%, a level not seen in the last 30 months.
Furthermore, investment sentiment has reached levels not seen since Bitcoin hit its all-time high of $69,000 in November 2021.
As we have mentioned before and as reflected in the data, the sentiment surrounding the market is extremely positive. Many experts predict that the approval of these investment products will generate growing institutional interest in all cryptocurrencies, and the recent rises are just a hint of what is to come.
Bitcoin: the SEC’s refusal
For analysts, the ongoing legal disputes between the Securities and Exchange Commission (SEC) and several crypto companies, such as Binance, Coinbase and Ripple Labs, will take longer than estimated. Additionally, the regulator’s president, Gary Gensler, reiterated his criticism of digital assets, arguing that they are “investment contracts” despite the recent partial defeat in the Ripple case. The lack of regulation in financial markets has led to cases of fraud, bankruptcies and money laundering in the past.
Analysts believe a price increase towards $40,000 is likely. The first level of support is at $32,000, so it would not be surprising if the price looked for support at these levels before continuing its uptrend.
In other currencies, most ‘altcoins’ are experiencing a moderation in their rally, although the gains of almost 3% in Solana (SOL) stand out.
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.
