The outlook is equally positive among the rest of the ‘altcoins’, greatly influenced by the movements of bitcoin. Cardano (ADA) leads the advances with more than 11%, followed by Solana (SOL) at 6.7% and Binance Coin (4.6%).
The cryptocurrencies They make a strong jump that exceeds 11% in the last 24 hours. Bitcoin rises more than 4% and reaches US$44,500 while Ethereum rises 2.5% to US$2,400. In the last day, the market capitalization increased to $1.7 trillion.
The outlook is equally positive between the rest of ‘altcoins’, greatly influenced by the movements of bitcoin. Cardano (ADA) leads the advances with more than 11%, followed by Solana (SOL) at 6.7% and Binance Coin (4.6%).
The leading cryptocurrency finally woke up after several days of lethargy and very lukewarm movements. According to Bitfinex analysts, the increase in sales by miners, who would be trying to make box with your production before the ‘halving’ (Bitcoin network reward halving) depreciates its assets, could have been one of the reasons BTC prices came under pressure recently. However, an opposite dynamic may have developed in recent hours.
Some cryptocurrency analysts, bitcoin whalesthe name by which the large investors in this crypto are known, have redoubled their accumulation of assets. Specifically, analyst Ali Martinez highlights that the number of bitcoin wallets with more than 1,000 tokens (about $44 million) increased to a multi-month high of 73, according to Glassnode data. Accumulation by whales is usually seen as a bullish sign and selling as a bearish sign.
Cryptocurrencies Whales Bitcoin.jpg
Courtesy: In Colombia
Does Wall Street help the rally?
Likewise, other experts believe that stock market advances in the United States They have served as support for cryptocurrencies to return to strong trading. This Wednesday, the S&P 500 closed at historic highs and close to 5,000 points, while the Dow Jones and the technology Nasdaq They also stayed close to their historical records.
Technically, César Nuez, Bolsamanía analyst, highlighted that the bitcoin has managed to hold on close to support which was in the vicinity of $39,300 and has broken the first short-term resistance level, which was at $43,665. “Exceeding these prices would encourage its technical aspect and would make us think about an extension of profits with the aim of attacking the annual maximums that it presents at $49,435,” he stated.
What role does the Fed play with cryptocurrencies?
However, James Harte, an analyst at TickMill Group, noted that the apparent reluctance of the Federal Reserve (Fed) lowering interest rates in March could continue to add pressure to the prices of the queen cryptocurrency as this delay in the start of the relaxation of monetary policy is certified. “Indeed, with US data holding up surprisingly well, according to the latest set of US employment figures, rate cuts in the first semester seem very unlikely now. Therefore, BTC is likely to continue struggling until we start to get clear signals that rate cuts are imminent,” he highlighted.
Source: Ambito
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