Title: Bitcoin and Crypto Tokens Continue Bullish Momentum on Monday
Subtitle: Regulatory Approval of Bitcoin ETF Listing Boosts Crypto Surge
Bitcoin and other cryptocurrency tokens continued their bullish momentum on Monday, stepping into early trades and continuing the weekend surge. The surge was fueled by the euphoria surrounding the regulatory approval of a spot bitcoin exchange-traded fund (ETF) listing.
Bitcoin, the largest crypto token, gained about a percent and maintained its position above the $34,000 level. Despite this, Ethereum, its largest peer, saw a half percent decrease and remained below the $1,800 level. However, the majority of altcoins were trading with gains.
Edul Patel, Co-Founder & CEO at Mudrex, attributed Bitcoin’s sustained high position to the prevailing positive outlook regarding the potential approval of Bitcoin Spot ETF applications in the United States. Patel also noted that the ProShares Bitcoin Strategy ETF (BITO) and the Grayscale Bitcoin Trust (GBTC) both saw significant trading volumes, further amplifying the overall market’s positive sentiment.
On Monday, most of the top crypto tokens were trading higher, with Solana surging around 1%, and Chainlink and Polkadot gaining 3% each. Additionally, Polygon, Cardano, and XRP each gained about 2% in early trade.
The global cryptocurrency market cap was trading significantly higher at around $1.26 trillion, buoyed by a 1% jump in the last 24 hours. Moreover, the total trading volumes surged more than 13% to $27.37 billion.
Bitcoin concluded the week with a remarkable 15% gain, maintaining a positive stance throughout the weekend. The price currently hovers around $34,300, while ETH is trading slightly above the local support level of $1,765, according to the CoinDCX Research Team.
Looking ahead, the CoinDCX Research Team highlighted the importance of various macro events, including the US FOMC meeting and the monthly announcement of the US unemployment rate, which have the potential to introduce volatility to the crypto market.
In a tech view provided by the Giottus Crypto Platform, it was noted that Chainlink (LINK) is currently in a major rally on the back of the RWA narrative and wider positive market sentiment. The token has broken the $10 key resistance level, and continued strong development is likely.
The upward shift has propelled the RSI index to the overbought territory and is currently sitting at 76.9. If the price manages to successfully surpass the $12 mark, this could lead to further increase towards the resistance level of $13.5.
In conclusion, the cryptocurrency market continues to exhibit bullish momentum driven by positive regulatory news and macroeconomic factors, indicating potential volatility in the near future.
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.
