- Altcoins join Bitcoin to stage a rally following the rising Interest of both retail and institutional investors.
- The possible approval of a spot Bitcoin ETF is said to have triggered this incredible run across the broad crypto market.
Bitcoin (BTC) is back on its feet with another impressive run of 13 percent in the last seven days, and 62 percent in the last three months to trade at $41,844.81. Interestingly, several altcoins have “turned up” with the likes of Dogecoin, Bitcoin Cash, and Ethereum making incredible surges as well.
As the 9th largest crypto in the world, Dogecoin is still the biggest meme coin with a market cap of $12,807,388,867. Despite a 24-hour decline of 0.57 percent, Dogecoin is still looking bullish with a score of 71/100. In the last seven days, the meme coin has surged by 16 percent to trade at $0.089874.
Shiba Inu is also showing signs of a bullish uptrend with weekly gains of 13 percent and a bullish score of 76/100. As of press time, Shiba Inu was trading at $0.000009. An analyst believes that the asset could finish the year with a minimum price of $0.000011. Also, the asset could surge as high as $0.000016 before the end of the year.
Recently, the death of renowned investor Charlie Munger and divisive diplomat Henry Kissinger triggered new tokens to come into existence. However, they have had little movement with MUNGER recording less than $1000 in volume in the past 24 hours.
Other Altcoins Joining Bitcoin in the Bullish Run
The second largest crypto asset by market cap, Ethereum, is currently trading at $2,229.80 after surging by 10 percent in the last seven days. Analysts expect the price to continue its bullish trajectory as it currently has a bullish score of 70/100. The market cap is currently around $268,306,030,110. A price prediction platform expects the price to trade as high as $4,013.63 before the year ends. On average, Ethereum is expected to finish at $3,344.69. The worst it can ever go before December 31 is expected to be $2,675.75.
One other altcoin doing well in the ongoing rally is Bitcoin Cash. The asset was up by 10 percent in just 24 hours ending yesterday. In the last seven days, Bitcoin Cash has surged by 10 percent and is currently trading at $244.97. The asset has a critical resistance level at $255, and once it breaches this point, it could go as high as $300 according to analysts. However, its market sentiment has changed from bullish to bearish with a score of 47/100.
The general rally in the crypto market was triggered by the rising interest of both retail and institutional investors following the recent reports that the US Securities and Exchange Commission (SEC) could approve a spot Bitcoin ETF in January.
Commercial litigator Joe Carlasare believes that the recent delay of a decision by the SEC is reported to open the way for approval in March 2024.
The Franklin Bitcoin spot ETF comment period now extends until January 3rd. The SEC typically reviews comments for at least 2-3 weeks. Therefore, although it’s not guaranteed, this increases the probability of a March approval. January is still likely the favorite though.
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