Bitcoin marked an exponential rise, going over the $35,000 mark for a brief period, while the entire crypto price surge saw an influx of bullish signals.

The crypto market sharply rose as traders and investors initiated a buying spree. Most of the positive signals might have risen from probable crypto ETFs. The ETFs are currently awaiting regulators’ approval, but their future benefits have sparked hope in the crypto market. Bitcoin led the crypto price surge , hitting its highest levels in around eighteen months. While it traded at $35,000 for a while, it eventually slid down below the mark.

Since Bitcoin’s consolidation above $30,000 might have become firm, investors could drive it further ahead. Overall trading volumes have increased in anticipation of the crypto ETFs. Bitcoin’s spot trading volume has also increased significantly in the last 24 hours. Inflows into digital asset investment products are continuing to rise as well. BTC investment products are, as usual, leading the inflows.

A Bloomberg analyst also noticed Blackrock’s spot Bitcoin ETF listing on Depository Trust & Clearing Corporation (DTCC). He suggested it could be on the road to approval, which sparked an online positive outcry on social media. Blackrock’s crypto ETFs are crucial for other crypto funds to make their way into the crypto market. They could bring sufficient liquidity to the market, helping it rise to record levels.

BTC/USD 1D price chart

Bitcoin is currently trading at around $34,000 on October 24, 2023, with BTC/USD trading higher by a huge margin of 10.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (28,156.54), as BTC’s 24-hour volume was at around $47 billion. 

Bitcoin has seen around 105.40% returns on a year-to-date basis. 7-day returns for BTC stand at 20.7%, while its 100-day EMA was at around $28,152.89. Bitcoin’s overall market capitalization is trading at around $664 billion. The crypto market surged by over 7.2% to over $1.29 trillion.

With Bitcoin’s support comfortably above $48,000, the crypto market capitalization chart has seen a sharp upward trend in the last few days and has come close to breaching the $1 trillion mark.

The dream run for the crypto market continued on consecutive days, with Bitcoin’s support at a firm level. In the last 24 hours, BTC witnessed a minor dip but recovered gradually to trade just below $50,000. Hence, the crypto market capitalization chart has maintained robust returns. At the same time, other tokens like Solana have seen double-digit weekly returns, boosting the market’s prospects.

A few developments in crypto have also made headlines recently, along with Bitcoin’s rally. The crypto fear and greed index has been at its highest after a long time, signaling a likely cooling period ahead. On the other hand, new reports revealed how prominent venture capitalists also invested in BTC before the ETF approvals.

The news could indicate a change and investors increasingly preferring BTC as an asset class. Stefan Rust, who heads data aggregator firm Truflation, said, “In this environment, Bitcoin is a good safe-haven asset. It’s a finite resource, and this scarcity will ensure that its value grows along with demand, making it ultimately a good asset class for storing value or even increasing value.”

If the spot Bitcoin ETFs indeed become an alternative financial product, the crypto market is set to receive inflows soon.

BTC/USD 1D price chart

Bitcoin is currently trading at around $49,600 on February 14, 2024, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $973 billion.

BTC/USD is trading higher than its 20-day EMA (43,546.40), as BTC’s 24-hour volume was at around $33 billion. The crypto market cap decreased by around 0.46%, trading above $1.867 trillion. BTC’s year-to-date returns are at 18.31%.

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The market’s volatility increased after Bitcoin dipped below its trading level at $66,000, as BTC traders weighed in on the risks in the market, but bulls helped it recover from $61,000.

After Bitcoin climbed above $66,000 on April 15 after its dip, it again spiraled downward. As macroeconomic risks loomed, most BTC traders could have turned on their wait-and-watch mode. BTC declined to $61,000, but crypto bulls fought back bears and helped it recover to $63,000. As of April 16, both bears and bulls are active in the crypto market.

It is uncertain if the market sell-offs are over. As the halving event almost knocks on the doors, the movement of BTC after the event is important. Large investors may start taking positions only after observing Bitcoin’s movements after the event. Until then, Bitcoin may trade sideways. Crypto bulls will likely defend Bitcoin’s support at $61,000 this week.

Meanwhile, leading financial services firm Unchained released a report on the wide potential of Bitcoin. It said, “In a world of abundance, hyper-productivity, and intensely competitive markets, storing significant wealth outside of Bitcoin will be increasingly difficult.” Bitcoin’s competitiveness over other traditional assets has gained pace in recent months.

Other tokens in the market, including ETH, saw a price drop. 

BTC/USD 1D price chart

Bitcoin is currently trading at around $63,500 on April 16, 2024, with BTC/USD trading lower by a margin of 4.29% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.25 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (67,905.30), as BTC’s 24-hour volume was at around $44 billion. The global crypto market cap decreased by around 4.48%, trading above $2.32 trillion. BTC’s year-to-date returns are at 51.06%

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