Today’s Crypto Prices: Bitcoin maintains at $34,000; Ethereum falls under $1,800; majority of altcoins increase
Bitcoin and Other Cryptocurrencies Continue Bullish Momentum
Cryptocurrencies continued their surge into the new week on Monday, with Bitcoin leading the charge. The weekend’s positive momentum spilled over into early trading, driven by the anticipation of regulatory approval for a spot bitcoin exchange-traded fund (ETF) listing.
Bitcoin Leads the Way
Bitcoin, the largest cryptocurrency, demonstrated its strength as it gained about 1% and maintained a strong position above the $34,000-level. However, Ethereum, its largest peer, saw a minor decrease of half a percent, remaining below the $1,800-level. Despite this, the majority of altcoins were trading with gains, fueling the overall positive sentiment in the market.
Positive Sentiment Boosts Market Outlook
According to Edul Patel, Co-Founder & CEO at Mudrex, Bitcoin’s sustained position above the $34,000 threshold can largely be attributed to the positive outlook surrounding the potential approval of Bitcoin Spot ETF applications in the United States. Patel mentioned that the ProShares Bitcoin Strategy ETF (BITO) experienced its second-largest trading week to date, with $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) recorded $800 million in trading volume, further amplifying the market’s positive sentiment.
Rally Across Various Tokens
The bullish trend extended to other top crypto tokens on Monday, with Solana surging about per cent, and Chainlink and Polkadot gaining 3 per cent each. Polygon, Cardano, and XRP also saw gains of about 2 per cent each in early trading, contributing to the overall positive market sentiment observed throughout the day.
Market Cap and Trading Volumes Surge
The global cryptocurrency market cap surged to the $1.26 trillion mark, marking a substantial increase of about 1% in the last 24 hours. At the same time, total trading volumes also experienced a notable surge of over 13% to reach $27.37 billion.
Outlook for the Week
As the week progresses, the crypto market is likely to face volatility due to various macro events, including the US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change. These events have the potential to introduce fluctuations in the crypto market.
Tech View by Giottus Crypto Platform
According to the Giottus Crypto Platform, Chainlink (LINK) is currently in a major rally driven by the RWA (Real world assets) narrative and a wider positive sentiment in the market. The token has experienced a significant surge in price, breaking the key $10 resistance level and demonstrating strong development potential. The Bollinger Bands, RSI index, and major support and resistance levels all point to further potential growth for Chainlink.
As the cryptocurrency market continues to experience bullish momentum, investors are advised to consult with their financial advisers before making any decisions.
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