Bitcoin and Other Crypto Tokens Surge on US ETF Speculation
Bitcoin and other crypto tokens posted strong gains on Monday as the bullish momentum in the crypto markets continued over the weekend. The possible approval of a spot bitcoin exchange-traded fund (ETF) in the US pushed the momentum higher in the digital asset market, which was met with all-round buying interest.
Bitcoin and Ethereum Lead the Charge
Bitcoin continued to move higher, surging more than 2 per cent to hover near the 31,000 level, while its largest peer, Ethereum, outperformed and rose more than 3 per cent to inch towards the $1,700 level. The majority of altcoins were also trading higher.
The renewed optimism regarding the potential approval of a Bitcoin Spot ETF as multiple applicants modified their applications with the SEC last week fueled Bitcoin’s surge past the $30,000 mark during the weekend. This resulted in Bitcoin reaching a three-month high and jumping over 11 per cent in a week, according to Edul Patel, Co-Founder & CEO at Mudrex.
Market Sentiment
“The market sentiment is currently bullish. Concurrently, Ethereum has shattered the $1,600 resistance level and is now trading above $1,650, while altcoins like Solana and Chainlink have displayed remarkable growth, exceeding 35% and 41%, respectively, over the last week,” Patel said.
Crypto Tokens See Big Gains
Barring the US dollar pegged USD coin and Tron as the only exceptions, the majority of top crypto tokens were trading with big gains on Monday. Chainlink surged more than 11 per cent, while Polygon rallied 8 per cent. Solana surged about 5 per cent, while BNB and Polkadot added 3 per cent each.
Global Cryptocurrency Market Cap on the Rise
The global cryptocurrency market cap was trading sharply higher, rising up to the $1.17 trillion mark, as it surged more than two per cent in the last 24 hours. However, the total trading volumes rose over 22 per cent to $49.22 billion.
Tech View by Giottus Crypto Platform
Aptos (APT), trading above its 50-day exponential moving average, is in an ascending trend. The asset has broken above the previous key resistance of $5.5 and is currently experiencing a rally, due to wider positive sentiment in the market.
Aptos Faces Immediate Resistance
After successfully breaching the upper limit of the flat bottom pattern on Saturday, APT was able to sustain support and has entered the accumulation phase. It faces immediate resistance at $6.65 with the next resistance at $7.61. Its 14-day RSI remains overbought, and is currently around 75. These values suggest that the bullish break may continue in the near term. On the downside, $5.27 is the key support level.
The Bottom Line
The positive sentiment surrounding the potential approval of a Bitcoin Spot ETF in the US has driven a surge in the cryptocurrency market, with Bitcoin and Ethereum leading the charge. Other crypto tokens have also seen substantial gains, pushing the global market cap higher. As the market continues to ride this bullish momentum, investors are keeping a close eye on the potential approval of the ETF and its potential impact on the digital asset market.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
