BlackRock’s recent filing for a bitcoin exchange-traded fund (ETF) contributed to the cryptocurrency market’s third consecutive day of growth. Bitcoin increased 5% to $30,326, and Ethereum surpassed $1,900. Bitcoin’s trading volume rose 25% to about $31.48 billion within the past 24 hours. Other cryptocurrencies such as Cardano, Dogecoin, Shiba Inu, and Litecoin also saw a surge of over 7%. The global cryptocurrency market cap rose by 5% to $1.18 trillion within the last day. Experts believe that Bitcoin has entered a key resistance zone that could help it break above $32,500 in the coming weeks, spurred by positive investor sentiment.
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Explore NowThe cryptocurrency markets rose for the third straight day on Thursday, helped by BlackRock’s plan to create a bitcoin exchange-traded fund (ETF) even as the sector faces US regulatory scrutiny.
BlackRock, the world’s biggest asset manager, filed for the exchange last week which would allow investors to get stakes in the asset class.
Bitcoin (BTC) surged 5% to $30,326, whereas Ethereum (ETH) was above the $1,900 level. BTC volume stood at approximately $31.48 billion, rising 25% in the last 24 hours.
“Bitcoin hovered above the US$30,000 level gaining 5% over the previous day as investors continued to cherish the news of multiple spot Bitcoin ETF filings,” Edul Patel, Co-Founder & CEO of Mudrex said.
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View Details »“On the other hand, Ethereum also rose above the US$1,900 level signaling strong buying momentum. Overall, the market is bullish and filled with positive investor sentiment,” Edul said.
Other top crypto tokens were also trading higher. Cardano, Dogecoin, Shiba Inu, and Litecoin surged over 7% each. The global cryptocurrency market cap was trading higher around $1.18 trillion, rising 5% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $588 billion. Bitcoin’s dominance is currently 49.55%, an increase of 0.29% over the day, according to CoinMarketCap.
“Bitcoin has entered a key resistance zone that extends up to $32,500 after a strong rally in the past two days. It is currently trading above $30,300 signaling renewed optimism in the markets even as its dominance consolidates above 50%. Another strong push from the bulls could help BTC break the $32,500 level in the coming weeks,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 72, with a neutral outlook. The Stochastic %K (14, 3, 3) at 93 and the Average Directional Index (14) at 27 indicate a Neutral outlook as well.
The MACD Level (12, 26), at 460, indicates Buy. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 100 and William’s Percentage indicates Sell at -6,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 10.34 hours, IST on June 22, 2023)
Bitcoin $30,326 5.41%
Ethereum $1,919 5.70%
Tether $0.9999 0.01%
BNB $254 1.38%
XRP $0.5154 3.07%
Cardano $0.2988 7.11%
Dogecoin $0.06835 6.88%
Solana $17.49 4.10%
Polygon $0.698 7.27%
Litecoin $87.92 7.31%
Polkadot $4.92 4.42%
Tron $0.07372 3.11%
Shiba Inu $0.000008025 8.27%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)