Bitcoin ($BTC) has breached the milestone of $70,000. When writing this article, it is way above $71,000, exchanging hands at $71,156.02. This reflects a growth of 0.29% in the last 24 hours and 4.72% in the last 7 days. Moreover, it is a surge of 11.97% in a single month. Many factors are painting this picture; however, the one that stands out is whale activity.
Large investors have shown strong confidence in Bitcoin. They have accumulated almost 70,000 BTC tokens within 30 days, roughly translating into a billion-dollar margin. This only goes on to show that long-term holders are again ready to take the risk, for their appetite has grown. It is also because of this factor that BTC has seen a surge of 0.30% in the market cap.
The 24-hour trading volume declined by 2.47%, but overall sentiments remain bullish. The Fear & Greed Index has given BTC 77 points, categorizing the token under the Greed category. Volatility may be beginning to settle around 4.67%.
Near-term predictions estimate BTC to be valued at $79,889 in the next 5 days and $90,146 in the next 30 days. The monthly jump would translate to a surge of 27.42%. Interestingly, the predictions show that a new ATH is well within the sights in the next couple of weeks. It has traded with green colors for 15 out of 30 days. The 14-day RSI is 63.33 for the flagship cryptocurrency. The 50-day SMA and the 200-day SMA are $65,133 and $54,564 respectively.
Other factors include the purchase of Bitcoin from Spot ETFs and the inflow of large investors.
Bitcoin ETFs have now seen inflows for 18 consecutive days. As of June 06, 2024, the total net inflow was $218 million. This represents the US market alone. The inflow of large investors has caused an inflow of $1 billion, suggesting that there is a growing interest in cryptocurrency.
The market is currently speculating about the launch of Ether ETF. The US SEC has approved 19b-4. The agency could soon give a green light to registration forms, allowing public platforms to launch the product and enabling traders and investors to invest in it. A concrete timeline is hard to draw, for the agency is believed to take more precautionary measures before approving Ether ETH.
If approved, it would pave the way for more crypto ETFs to enter the market. The highly anticipated tokens are XRP and SOL. It is also believed that SOL could enter the market before XRP or ETH.
Until then, BTC had the majority of the dominance in the crypto market, 53.2%. The crypto market has a collective cap of $2.63 trillion and $75.04 billion in 24-hour trading volume.