Bitcoin is gaining traction as a result of bullish indications from the evolving digital environment. According to Coinmarketcap data, the cryptocurrency topped $30,900 on Monday morning, its highest level since July 15.
It surpassed $30,000 for the first time since July on Friday, mirroring last week’s advances. 10%, because to volatility on cryptocurrency markets. Bitcoin has gained 14% in the month. Gold, on the other hand, rose a week before bitcoin, as escalating tensions between Israel and Hamas, combined with persistent speculation about the end of the Fed’s tightening cycle, foreshadowed the entrance of an inflationary regime.
Because of its ideal mobility, inflation protection, and government-independent wealth preservation, the pioneer crypto asset remains an increasingly more appealing asset. Combine the excitement surrounding the BTC ETF with the current Ripple lawsuit.
As a result, BlackRock CEO Larry Fink lauded the Bitcoin network, citing pent-up interest in cryptocurrency and a desire for quality as drivers of the recent increase. Furthermore, the CEO of the world’s largest asset management firm, with over $9.4 trillion in AUM (assets under management), stated that the spectacular Bitcoin gain in October is “beyond rumour.”
Analysts are more confident that the SEC will approve a Bitcoin ETF shortly, which adds to Bitcoin’s credibility. This validation is essential for institutional and mainstream adoption. It is sending a message to cryptocurrency traders. Glassnode data also confirms that crypto market participants are dumping their stablecoins into Bitcoin this week.
According to Standard Chartered, Bitcoin will hit $50,000 by the end of this year. According to Geoff Kendrick, global head of research and chief strategist at Standard Chartered, growing mining profitability will lessen their need to sell BTC, resulting in a fall in supply.
“Miners’ increased profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflow, reducing the source of revenue,” Kendrick said in a news release. net BTC supply and raise the price of BTC.”
Interestingly, the amount of Bitcoins held by miners increased during the Ordinals promotion in May 2023, only to stabilize since then. However, downside risks remain moderate as market movement implies the crypto asset may fail to clear channel resistance between $30,000 and $33,000.
According to cryptocurrency trader Nicholas Merten, the leading crypto asset by market valuation will have difficulties breaking through channel barrier between $30,000 and $33,000.