Bitcoin’s surge has established its support around $70,000, while the upcoming BTC halving event has kept hopes alive for a large rally in subsequent months of the year.
Traders observed Bitcoin’s surge during the last 24 hours and attributed it to multiple factors. Firstly, the prospects of the BTC halving could have largely led to the rally. Once the event is over, analysts expect a fresh wave of a price jump in Bitcoin. Moreover, Bitcoin’s current price range is over $70,000, which is another positive sign.
Another big gainer in the last seven days has been ETH, which registered weekly gains of over 9%. ETH is now trading over $3,600 and could likely continue its uptrend. Most other altcoins were also in the green, broadly led by Bitcoin’s sentiments. The global crypto market cap is again going closer to hitting $3 trillion.
Bitcoin’s rise also draws parallels with a price increase in gold. As a result, analysts have again drawn comparisons between both assets. Anthony Scaramucci, CEO of asset management firm Skybridge Capital, noted his deep trust in Bitcoin’s future potential.
He claimed Bitcoin’s market cap will soon reach half of that of gold. At the same time, he also renewed his price targets for BTC. These observations by leading asset management firms could bode well for Bitcoin’s trajectory.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,500 on April 9, 2024, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.4 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (68,406.92), as BTC’s 24-hour volume was at around $35 billion. The global crypto market cap decreased by around 0.63%, trading above $2.66 trillion. BTC’s year-to-date returns are at 68.79%
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