Whoever has been in crypto for a long time knows that weekends are usually very slow. We can’t really say this about this one.
On Sunday morning, Bitcoin price broke above $60k. Anytime BTC crosses a psychological level like this one, it’s a positive sign for crypto traders.
Bitcoin Price Pumping, But Why?
You’re never 100% sure in crypto. However, it’s widely known now that the German government sold over $3.3 billion in Bitcoin in the last 24 days, as we reported yesterday. They actually sold all of their Bitcoin holdings.
This put massive pressure on the price, and BTC lost the $60k level at the beginning of July.
It then crashed to the $53k area.
However, as this sell-off finally ended yesterday, it looks like more belief in Bitcoin and crypto in general started, and bulls came into the picture.
Read also: YouTuber Predicts Kaspa (KAS) Price is About to ‘Explode’ – Here’s How
Are There Any Other News on Bitcoin and Altcoins?
Notable news is definitely that the SEC announced a meeting behind closed doors, and some sources noted it will be about Ripple and a possible settlement in that case.
The XRP price pumped 20% this week and is now trading above $0.5. However, it looks like this pump is slowing down today as the Ripple community awaits what will happen on July 18th, when this meeting is scheduled.
Moreover, ETH ETFs should start trading soon as these were approved in late May.
As Cointelegraph reported on Friday, Ether ETFs could attract up to $10 billion in new inflows and propel ETH price to new ATHs later this year.
The whole Ethereum ecosystem looks like the “most undervalued ecosystem in web3” according to Michaël van de Poppe.
#Ethereum is the most undervalued ecosystem in the Web 3.0 spaceThis week I’ve learned that a lot is happening within the Ether ecosystem that social media doesn’t reflect. The gap between fundamental growth and negative price sentiment has never been this big, that I’m very…
— Michaël van de Poppe (@CryptoMichNL) July 12, 2024
Conclusion – What’s Next?
The momentum is definitely positive right now in the market. In fact, bulls might be able to push the BTC price even higher, with the $63k area potentially being the next target.
Bitcoin hasn’t traded above $63k for almost a month, so breaking this level would be another positive news for traders. Altcoins typically perform well when Bitcoin shows strength as well.
All in all, hold your bags. We at CaptainAltcoin eagerly await the next big leg up in this bull run and a positive H2 2024.
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The post Here’s Why the Crypto Market is Up Today as Bitcoin Price Crosses $60k appeared first on CaptainAltcoin.
