Bitcoin Eyes Fresh Record As ETF Inflow Gather Pace
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are witnessing a resurgence in prices as fresh inflows into exchange traded funds (ETFs) have gathered pace, starting the second quarter on strong note while snapping two continuous week of outflows.
Bitcoin (BTC) led the charge by climbing $72,000 mark for the first time since mid-March as its reward halving draws closer. The largest cryptocurrency by market capitalisation, advanced to $71,490 up 3.2% in the last 24-hours.
The segment is benefiting from the homogeneous rally experienced in crypto related activities. Coinbase, the only U.S. traded crypto exchange, gained 4%, MicroStrategy, the largest corporate holder of bitcoin, rose 10% and BlackRock’s bitcoin exchange-traded fund (IBIT), added around 6.5%.
Analysts expect altcoins to gain further momentum in view of rising dominance of Bitcoin ahead of the halving when mining rewards will be cut in half.
The Bitcoin’s popularity has rubbed off on other digital currencies. Ethereum (ETH), the second largest cryptocurrency by market capitalisation, has climbed above $3,600 level. It recently hanged hands at $3,680 up 7.5%. The talks of ether whale rising from slumber has helped the smart contract token outperform its peers.
Elsewhere, SOL, ADA, XRP, AVA, alongside meme coins were trending higher.
The global crypto market cap increased 3.9% to $2.69 trillion in the last 24 hours. Similarly, the total crypto market volume gained 54% to $97 billion. Total volume in DeFi is currently $9 billion, and all stablecoins are $87 billion, representing 10% and 90%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.3%, down 0.3% over the day.
The IC15 index, the barometer of the top fifteen tokens, jumped 4.3% to 91,408.
Meanwhile, analysts believe that the altcoins are super undervalued, hence are getting ready for the up move.
Bitcoin is expected to test fresh record after breaking through a so-called triangle resistance, according to technical analysis by 10x Research.
You need to login in order to Like
