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Bitcoin rose to new highs at the beginning of the week, continued its recent rise after a brief break over the weekend, and isapproaching its all-time high.
Market Momentum: Bitcoin and Ethereum lead the way
Flagship cryptocurrency Bitcoin rose 9% to $68,635.20, reaching $68,848.62, its highest level since November 2021.Ethereum, the second-largest Cryptocurrency, also made significant gains, rising more than 5% to $3,650.59.
ETF Inflows Led to a Rally: Sellers Sell Back
Prolonged inflows of new income into Bitcoin exchange-traded funds (ETFs), fueling bullish momentum in thecryptocurrency market, from Bitcoin Trust (GBTC) stabilized Grayscale Outputs. Analysts say the emergence of these ETFshas shifted the mass market towards day-to-day operations, leading to increased trading.
Meme Token Surge: Retail Fear Resurfaces
Competition is not limited to major cryptocurrencies; Meme tokens such as Dogecoin and Shiba Inucoin are rising 32% and95% respectively. The increase in meme token trading volume indicates a resurgence of retail interest in the cryptocurrencymarket.
Market Update: Stocks and Miners React
Bitcoin’s competition has had a positive impact on cryptocurrency stocks such as Coinbase and Microstrategy, which are up11% and 23.6% respectively. But mining companies are struggling amid concerns that the upcoming half of April willnegatively impact investor sentiment; Products such as CleanSpark, Cipher Mining, Iris Energy, Marathon Digital and RiotPlatforms have lower shipping prices.
Short-Term Outlook: Consolidation Potential
While the short-term known price of Bitcoin is around $42,700, some analysts expect this to happen next week asuncertainty margins have reached a very high A sideways movement period. However, long-term investors remain optimisticabout Bitcoin’s future due to increased demand for US ETFs and disruptions expected behind halfback.
Broader Market Trends: Synergy with Technology Stocks
Stock performance in the cryptocurrency market supported the bullish trend, with the Nasdaq reaching an all-time high.This integration demonstrates the convergence of cryptocurrencies and traditional financial markets.
Expert: Confidence in long-term growth
The market is expected to see the opportunity to switch to Bitcoin in March, says David Duong, head of research atCoinbase. However, he still promotes cryptocurrencies by having a positive impact on business continuity, citing theevolution of intelligence and blockchain technology in manufacturing.
Conclusion: Strength of the cryptocurrency market amid growing investor confidence
Although in the short term, due to people’s interest in the market, adoption and advancement of technology, thecryptocurrency market continues to strengthen and increase. . As the economy grows, Bitcoin and other cryptocurrencies willplay an important role in the global financial environment.