Bitcoin nears $38K on investor buying
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), have scripted a strong comeback trail in the last 24-hours, on growing investor preference even as the U.S. financial markets regulator – the Securities and Exchange Commission (SEC) delaying its decision on slew of spot Bitcoins ETF applications seeking approval.
Bitcoin (BTC) briefly jumped to $38,000 from near $36,000 hit in the previous session. It was recently changing hands at $37,820, up 6.5%.
Ether (ETH) followed the suit by reclaiming $2,000 level. It was currently offered at $2,078 showing a gain of 4.7%.
Large-cap altcoins such as Solana (SOL) and Avalanche (AVAX) accumulated gains of 18% and 23%, respectively.
SOL benefitted the most in recent and its value nearly tripled over the past month, as concerns about FTX dumping its tokens subsided and demand among institutional investors increased.
Traditional-finance giant JPMorgan and Apollo using Avalanche network to demonstrate a “proof of concept” has boosted AVAX price. Others too joined the party.
As a result, the global crypto market cap increased 5.19% to $1.44 tn, over the last 24-hours. Simultaneously, the total crypto market volume rose 5.6% to $67.6 bn. The total volume in DeFi is currently $7.6 bn and all stablecoins $60.4 bn, representing 11.2% and 89.3% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.32%, up 0.51% over the day.
IC15 index, the barometer of top fifteen tokens, surged 5.62% to 48,046.
Meanwhile, analysts highlighted about Bitcoin going mainstream and is now competing with traditional assets such as Gold and Equities. “Bitcoin’s trend is not only strong in dollars, but strong against other key assets,” an analyst mentioned in a note.
Though the sector is buzzing on hopes of regulatory approval for bitcoin ETF, the SEC is delaying a decision on an application by Hashdex to convert its existing bitcoin futures exchange-traded fund (ETF) into a spot vehicle. The agency has also delayed action on Grayscale’s attempt to launch a new futures-based ether ETF.
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