Crypto currencies continue their bullish momentum

Bitcoin continued to remain strong as the biggest crypto token added nearly 1% and managed to stay above the 34,000 levels

Crypto currencies continued their bullish momentum in the new week on Monday. All the crypto currencies stepped in the early trades, continuing the weekend momentum. The euphoria around regulatory approval of a spot bitcoin ETF listing helped the crypto jump lately.

Bitcoin continued to remain strong as the biggest crypto token added nearly 1% and managed to stay above the 34,000 levels. Nevertheless, its largest peer, Ethereum stayed below the $1,800 level. Most of the altcoins were trading with gains.

Bitcoin sustained its position above the $34,000 level, driven by the prevailing positive outlook regarding the potential approval of Bitcoin Spot exchange-traded fund applications in the US, said Edul Patel, Co-Founder & Chief Executive Officer at Mudrex.

The ProShares Bitcoin Strategy ETF (BITO) saw its second-largest trading week to date, racking up $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) logged $800 million in trading volume, possibly increasing the overall market’s positive sentiment. Ethereum, on the other hand, maintained its trading value above $1,700, he added.

All of the majority of leading crypto currencies were trading higher on Monday. Solana soared nearly 1%, while Chainlink and Polkadot added 3% each. Polygon, Cardano and XRP added nearly 2% each in the early trade. Even the dollar pegged stablecoins rose.

The global crypto market capitalisation was significantly higher, increasing up to $1.26 trillion-mark, as it surged nearly 1% during the past 24 hours. Nevertheless, the total trading volumes soared over 13% to $27.37 billion.

Bitcoin concluded the week with a remarkable 15% gain. Throughout the weekend, bitcoin maintained a positive stance but stayed below its local resistance at $35,000. Currently, the price hovers near $34,300, while ether is trading slightly above the local support level of $1,765, said CoinDCX Research Team.

It is worth noting that this week carries significant weight for the crypto market because of various macro events, including the US Federal Open Market Committee meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change. These events have the potential to introduce volatility to the crypto market, it said.