After a week of uptrends, the crypto market’s performance continued with its bullish outlook over the weekend and a positive outlook for the week ahead.
Bitcoin has been trading above its support at $69,000 for over two days. It led to the crypto market’s performance holding its momentum. Ethereum, according to the current trends, has traded over $3,700. While there have been no signs of bearish activity, traders could be anticipating Bitcoin consolidating soon to avoid a dip in the short term.
The crypto market is known for its inherent volatility, and the recent price swings remind of this characteristic. The Fear and Greed Index, a popular gauge of investor sentiment, currently sits at a higher level. As a result, the next few days could also see the possibility of uncertain movements.
Meanwhile, crypto proponents have heralded the recent activities in the market. Michael Saylor, a Bitcoin proponent, claimed how the Ethereum ETFs could also aid BTC.
He said, “I think mainstream investors will say, oh there is a crypto asset class now, maybe we’ll allocate 5% or 10% to the crypto asset class, but Bitcoin will be 60% or 70% of that..” He referred to how the ETFs could boost institutional adoption of Bitcoin to a large extent.
If it happens, one can expect a large-scale rally in the crypto market soon enough.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,100 on May 26, 2024, with BTC/USD trading lower by a margin of 0.23% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.36 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (64,065.27), as BTC’s 24-hour volume was at around $15.5 billion. The global crypto market cap increased by around 0.43%, trading above $2.57 trillion. BTC’s year-to-date returns are at 64.45%.
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