LIVE
Binance News
--
Bitcoin Nears $38K, Altcoins Rally: Analysts Remains Bullish on Crypto Market's Prospects
According to CoinDesk: The cryptocurrency market showcased a spirited comeback after Tuesday's downturn, with Bitcoin (BTC) closing in on a fresh 18-month high of nearly $38,000, following a dip below $35,000 on Tuesday. Alongside, Ether (ETH) made strides of over 3%, reclaiming the $2,000 mark after retreating to nearly $1,900 the previous day.
In the altcoin market, native tokens of layer 1 blockchains such as Solana (SOL) and Avalanche (AVAX) led gains with 18% and 23% surges respectively. SOL has persistently been leading the altcoin market over recent weeks, almost tripling in value from last month as concerns over FTX offloading its tokens eased and institutional investor demand escalated. AVAX, on the other hand, benefited from recent news of traditional finance heavyweights like JPMorgan and Apollo utilizing its network for demonstrating a "proof of concept" for fund tokenization, a burgeoning trend in the crypto space.
Underpinning the bullish sentiment in the market, the CoinDesk Market Index (CMI), a nearly 200-crypto market-cap weighted basket, climbed by 5%, indicating a favorable day for digital assets across the board.
"Bitcoin is definitely entering the mainstream, with the bear market fading into oblivion. The good times are indeed here," proclaims Charlie Morris, founder of ByteTree, in a recent market report. Morris drew attention to Bitcoin's formidable performance compared to traditional assets like gold and the US equity indexes, asserting that "Bitcoin’s strong trend isn't just in dollars, it's also dominating other key assets. This domination fuels institutional adoption as investors don't opt for alternative assets unless they offer significant returns."
Morris also highlighted the burgeoning trend of altcoins and the improving market breadth after a formidable two-year "crypto winter." The ByteTree Crypto Average (BCA) trend breadth indicator, which gauges the equal-weight daily average price shifts for the top 100 tokens, scored a four-star rating out of five for the first time since April, prompting Morris to affirm, "When the trend is positive, it's beneficial to have higher crypto exposure."
In the altcoin market, native tokens of layer 1 blockchains such as Solana (SOL) and Avalanche (AVAX) led gains with 18% and 23% surges respectively. SOL has persistently been leading the altcoin market over recent weeks, almost tripling in value from last month as concerns over FTX offloading its tokens eased and institutional investor demand escalated. AVAX, on the other hand, benefited from recent news of traditional finance heavyweights like JPMorgan and Apollo utilizing its network for demonstrating a "proof of concept" for fund tokenization, a burgeoning trend in the crypto space.
Underpinning the bullish sentiment in the market, the CoinDesk Market Index (CMI), a nearly 200-crypto market-cap weighted basket, climbed by 5%, indicating a favorable day for digital assets across the board.
"Bitcoin is definitely entering the mainstream, with the bear market fading into oblivion. The good times are indeed here," proclaims Charlie Morris, founder of ByteTree, in a recent market report. Morris drew attention to Bitcoin's formidable performance compared to traditional assets like gold and the US equity indexes, asserting that "Bitcoin’s strong trend isn't just in dollars, it's also dominating other key assets. This domination fuels institutional adoption as investors don't opt for alternative assets unless they offer significant returns."
Morris also highlighted the burgeoning trend of altcoins and the improving market breadth after a formidable two-year "crypto winter." The ByteTree Crypto Average (BCA) trend breadth indicator, which gauges the equal-weight daily average price shifts for the top 100 tokens, scored a four-star rating out of five for the first time since April, prompting Morris to affirm, "When the trend is positive, it's beneficial to have higher crypto exposure."
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
Replies 0
