Most of the tokens in the cryptocurrency The market gained in the last week. bitcoin, the largest such token, gained more than 8.5 percent during the period and was trading at $46,604 on Friday. Ethereum rose 7 percent and was trading at $2,468.3, according to data from CoinMarketCap. Several other tokens, such as Solana and BNB, rose around 5 percent.
According to Parth Chaturvedi, CoinSwitch Ventures-led investments, institutional inflow, and interest around Bitcoin continue to strengthen.
โCryptocurrency markets are witnessing consistent daily net inflows and exceptionally high volumes even after weeks of the initial launch. [of ETF] euphoria. โBlackrock and Fidelity are leaders in the race, with Bitcoin holdings now reaching $3.5 billion and $3 billion, respectively,โ he said.
Furthermore, the price of Bitcoin has been rising as the next halving date approaches, April 19.
Edul Patel, CEO of Mudrex, said: "Glassnode's findings highlight a 3.6 percent increase in Bitcoin wallets with more than 1,000 Bitcoin from January 19 to February 6. The resurgence of share Whales and network activity indicate increased optimism regarding the price of Bitcoin, particularly as the Bitcoin halving approaches.
According to Rajagopal Menon, Vice President of WazirX, Bitcoin's stability is rooted in its historical importance, market dominance, and high liquidity, which influences the broader crypto market.
What's next for Bitcoin?
Due to the upcoming halving and optimism around ETFs, Bitcoin resistance currently sits at $46,500, while support is at $44,800. According to Patel, "a successful breakout of the support level could start an uptrend."
First published: February 9, 2024 | 16:07 IS
