Bitcoin’s price shot above $43,000 in the last 24 hours, boosting investor sentiments and taking the crypto market cap closer to its earlier highs after the spot Bitcoin ETF approvals.
The crypto market cap witnessed a gradual recovery after Bitcoin’s price went past the $43,000 mark after several days. The main reason for the mini-rally could be the continuous increase in the crypto ETF inflows. Although the Grayscale Bitcoin Trust (GBTC) saw the most outflows since the ETF approvals, the other spot ETFs attracted much more inflows.
The Fidelity spot ETF attracted $208 million on January 29 alone, which may have contributed to Bitcoin’s price rise. On the same day, the Fidelity spot ETF’s inflows surpassed GBTC’s outflows, which were around $192 million, dipping from earlier. The crypto market could be set to see further rallies if similar trends continue.
A prominent crypto analysis firm has affirmed an excellent buying opportunity in BTC. It expects the crypto rally to continue after the Bitcoin-halving event. It claims Bitcoin is set into a pre-halving rally phase since investors tend to ‘buy the hype.’
“Short-term traders and speculators “Buy The Hype” several weeks before the Halving in anticipation of making a profit from this hype-fuelled rally Then these speculators “Sell The News” to realize that profit, contributing to a Pre-Halving retrace which occurs only a handful of weeks before the Halving event itself,” said the firm.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43.300 on January 30, 2024, with BTC/USD trading higher by a margin of 3% in the last 24 hours. Bitcoin’s market cap was trading at around $851 billion.
BTC/USD is trading higher than its 20-day EMA (42,927.68), as BTC’s 24-hour volume was at around $22 billion. The crypto market cap increased by around 2.92%, trading above $1.67 trillion. BTC’s year-to-date returns are at 3.35%.
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