Bitcoin Crosses Above $38K
The Crypto market had been sleepy for the better part of the week until Friday, when Bitcoin saw 24-hour gains of 6%, which pushed the coin above $38,000. BTC had not traded at that price since April 2022, a month before the Terra ecosystem collapsed, marking the start of a market downturn.
It is worth mentioning that the bulls have not managed to sustain Bitcoin above $38,000. The coin is valued at $37,703 as of this writing. It has recorded 7-day gains of 3.2%.
The latest Bitcoin rally appears to have changed the mind of crypto critic Jim Cramer, CNBC’s journalist. Over the past year, he has been urging investors to sell their BTC holdings, but on Friday, he told fans of his Mad Money show to start buying Bitcoin.
The growing cash inflow from traditional investors into various cryptocurrency investment products is among the factors fueling the current rally. But the primary driver has been the rising expectation that a Bitcoin spot ETF will be approved soon by the US Securities and Exchange Commission.
Several asset managers led by BlackRock are optimistic that the Gary Gensler-led Commission will approve their ETF applications at the start of 2024.
Price Analysis – ETH, SOL, DOGE
Ethereum is another cryptocurrency that touched an 18-month high after crossing $2,100 on Friday. However, the second-biggest digital asset has experienced a price correction to $2,081 at press time. Still, it is up 6.4% this week.
Meanwhile, Solana’s rally has slowed down this week. The token has only posted 7-day gains of 0.4%. Nonetheless, it is up 80.4% over the past 30 days. Data from CoinGecko shows SOL trading at $58.47.
The biggest meme coin, Dogecoin, is down 0.3% this week. Despite the drop, Elon Musk’s favorite cryptocurrency has grown 10% over the last 30 days and now trades at $0.0785.
Crypto Stocks Surge
Notably, crypto stocks have also seen their value grow in recent weeks. Coinbase’s stock COIN has grown 41% over the past 30 days to $115.55, per data on stocks trading platform Nasdaq.
Moreover, MTSR, the stock for the largest institutional Bitcoin holder, MicroStrategy, has surged to $520 for the first time since November 2021.
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