On Monday, Bitcoin and other crypto currencies maintained their upward momentum in the new week. All crypto coins participated in the early transactions, extending the weekend momentum. The recent crypto rally has been aided by the enthusiasm around regulatory approval of a spot bitcoin exchange-traded fund (ETF) listing.
Bitcoin maintained its strength, gaining roughly 1% and remaining solidly above the 34,000-levels. However, its greatest peer, Ethereum, saw a half-percentage-point increase but remained below the $1,800 mark. The majority of altcoins were trading at a profit.
According to Edul Patel, Co-Founder & CEO of Mudrex, Bitcoin has maintained its position above the $34,000 mark, owing to the current bullish view on the likely acceptance of Bitcoin Spot ETF applications in the United States.
“The ProShares Bitcoin Strategy ETF (BITO) had its second-largest trading week to date, with $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) saw $800 million in trading volume, potentially amplifying the overall market’s positive sentiment.” “On the other hand, Ethereum’s trading value has remained above $1,700,” he remarked.
On Monday, the bulk of the main crypto tokens were trading higher. Solana gained roughly 3%, while Chainlink and Polkadot gained 3% apiece. Polygon, Cardano, and XRP all climbed approximately 2% in early trading. Even dollar-pegged stablecoins increased in value.
The worldwide cryptocurrency market cap was trading much higher, reaching $1.26 trillion after increasing by around 1% in the past 24 hours. However, total trade volumes increased by more than 13% to $27.37 billion.
Bitcoin finished the week with a whopping 15% increase. Throughout the weekend, BTC stayed positive while remaining below its local resistance at $35,000. According to CoinDCX Research Team, the price is now hovering around $34,300, with ETH trading slightly above the local support level of $1,765.
“It’s worth noting that the US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change all carry significant weight for the crypto market this week.” These occurrences have the potential to cause volatility in the cryptocurrency market,” it stated.
Please note that this article does not offer any instructions or suggestions regarding investment decisions. It is important for you to conduct your own research or seek professional advice from a qualified professional before conducting an investment decision.