Bitcoin ($BTC) has surpassed $70,000. At the time of this writing, it was well over $71,000, trading at $71,156.02. This reflects growth of 0.29% in the last 24 hours and 4.72% in the last 7 days. Moreover, it soared by 11.97% in just one month. Many factors are shaping this picture. But what stands out is the whale activity.
Large investors have shown strong confidence in Bitcoin. They accumulated nearly 70,000 BTC tokens in less than 30 days, which translates into a margin of roughly $1 billion. This just shows that long-term holders are ready to take risks again. Because their appetites have grown. This factor is also why BTC’s market capitalization surged 0.30%.
24-hour volume is down 2.47%, but the overall sentiment remains bullish. The Fear and Greed Index gave BTC 77 points, placing the token in the greed category. Volatility may start to stabilize around 4.67%.
Short-term forecasts show that BTC will be valued at $79,889 in the next 5 days and $90,146 in the next 30 days. The monthly jump translates into a surge of 27.42%. Interestingly, predictions suggest that a new ATH will be released in the coming weeks. It has traded in the green for 15 out of 30 days. The 14-day RSI of the flagship cryptocurrency is 63.33. The 50-day SMA and 200-day SMA are $65,133 and $54,564, respectively.
Other factors include Bitcoin purchases in spot ETFs and large investor inflows.
The Bitcoin ETF has now seen 18 consecutive days of inflows. As of June 6, 2024, total net inflows were $218 million. This refers to the US market only. This suggests that interest in cryptocurrency is growing, with $1 billion in funds flowing in from large investors.
There is currently speculation in the market about the launch of an Ethereum ETF. The US SEC approved 19b-4. The agency may soon approve the registration form, allowing public platforms to launch products and enable traders and investors to invest in them. It is difficult to give a specific timeline as it is believed that institutions will take more precautions before approving Ether ETH.
If approved, it will pave the way for more cryptocurrency ETFs to enter the market. The most anticipated tokens are XRP and SOL. It is also believed that SOL may enter the market before XRP or ETH.
By then, BTC had commanded 53.2% dominance in the cryptocurrency market. The total cap of the cryptocurrency market is $2.63 trillion, with a 24-hour trading volume of $75.04 billion.