Bitcoin Surges: Factors Behind Crypto Price Rally

• Bitcoin (BTC) is leading the crypto market recovery as it records 2 percent price gains in the past 24 hours. Ethereum (ETH), PEPE, Shiba Inu and Hedera (HBAR) have all recorded bullish surges in the past 24 hours.
• Investors anticipate a Bitcoin ETF approval which is expected to open up the market for new investors in the next four to six months.
• Bitcoin whales have opened long positions at $29k according to Ki Young Ju, CEO of CryptoQuant.

Bitcoin (BTC) and Crypto Surge

Bitcoin (BTC) is dragging the entire crypto up as investors accumulate in anticipation of a Bitcoin ETF approval. An analyst predicts that Bitcoin could record one big dump before proceeding to hit $40k.

24-Hour Price Movement

In the past 24 hours, Bitcoin has surged by 2 percent to trade at $29,828.74. Its 24-hour trading volume is currently around $21,609,266,532 as the asset ignites investors’ confidence to have bullish sentiment.

Ethereum (ETH) is also showing bullish patterns as it makes 1.7 percent price gains in the last 24 hours to trade at $1,862.63. PEPE has staged another rally with a 12 percent surge in the past 24 hours to trade at $0.000001.

According to market data, Shiba Inu is gaining traction in anticipation of the several developmental innovations in the pipeline as it rises by 9.8 percent in the last 24 hours.

Another altcoin, Hedera (HBAR) largely extended its rally with another 6 percent surge in the past 24 hours. This takes its weekly run to 21 percent.

Factors Behind Price Rally

>Several experts have predicted that once US Securities and Exchange Commission approves any of the Bitcoin spot exchange-traded fund applications, it will open up for new set of investors.

  • >According Bloomberg’s Eric Balchunas an insider from BlackRock and Invesco suggested that this could be done in 4-6 months.
  • >Galaxy Digital CEO Mike Novogratz disclosed this information during an earnings call which triggered recent rallies.
  • >Ki Young Ju , CEO of CryptoQuant confirmed that Bitcoin whales have opened long positions at $29k.
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< h2 > Pro – Tip: To Spot Old Whales ‚ Giga Long / Short Positions , < p > According Market Data , Crypto Quant Analysts suggest that watching old whales‘ giga long/short positions can help us identify potential future trends . < br/ >