The cryptocurrency market is heading to close the week with a significant reboundhighlighting the positive behavior of Bitcoin (BTC), with a jump of more than 12% in the last seven days.
The BTC experiences an increase of more than 2%, and exceeds US $ 95,000, according to Binance, while Ethereum (ETH) operates near US $ 1,800.
Among the Altcoins, tokens like XRP and Binance Coin (BNB) advance 2%while I crypt like Solana (Sol), Dogecoin (Doge) and Cardano (ADA) rise more than 5%. Sui (SUI), on the other hand, shot over 20%, accumulating a total 60%rally.
An important factor behind this rebound is the growth of the Sui Network, which has exceeded 1.6 billion dollars in total blocked value (TVL), as deframple. The launch of a payment card linked to MasterCard by Xportal, a company of the SUI ecosystem, and the increase of more than 30% in the volume of operations in its decentralized exchange contribute to this rise.
What’s behind the rebound
This week’s rally was backed by a “Strong institutional demand, since the funds quoted in the Bag (ETFS) of the UShe held a goodbit report.
This is because Paul Atkinsin favor of cryptocurrencies, he assumed how the New president of the US stock and values commission (SEC), and the administration of President Donald Trump, seems to be softening his tone towards the Federal Reserve (Fed) and commercial tensions with China.
Institutional flows to the ETFs reach maximum four months
Bitcoin’s institutional demand supported the rally of its price this week. According to Sosovalue’s data, the Bitcoin ETF in the US cash registered a Total flow of US $ 2.7 billion until Thursday, the highest level of tickets from mid -December, When Bitcoin first exceeded the mark of the US $ 100,000. If these flows continue and intensify, Bitcoin prices could continue to climb, goodbit reported.
In addition, the demand of public companies also remained strong this week. Microstrategy announced on Monday he had acquired 6,556 BTC for US $ 555.8 million. During the same period, the Japanese investment firm Metaplenet (MTPLF) acquired another 330 BTC for US $ 28.2 million. Then, Thursday, The firm bought another 145 BTC, which led its total holdings to 5,000 BTC.
The purchase activity of investment firms is generally upward for the price of Bitcoin, driven by greater demand, reduced circulation and a positive feeling of the market. “We consider that if this trend continues, Bitcoin will probably experience a more stable long -term price growth,” Finclized goodbit.
Source: Ambito
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