Cryptocurrencies rebounded over the past 24 hours, after a week of profit taking and ahead of Friday’s options expiries. Almost $9 billion worth of Bitcoin options will expire then, an event likely to trigger price volatility, Deribit data shows.
The price of Bitcoin rallied 5.5 percent to $70,862 over the past 24 hours, trading 4 percent below its all-time high. Bitcoin’s halving in less than a month’s time is another supporting factor. Read more about its halving here.
“#Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years. 51,959 collective #Bitcoin were accumulated . This translates to 0.263% of the entire currently available supply being accumulated in one day. As we close in on the final three weeks of the #halving on April 19th, it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on #crypto-wide market caps,” the crypto intelligence firm Santiment said.
The crypto universe is also boosted by comments from BlackRock’s Head of Digital Assets Robert Mitchnick. A modest concentration of Bitcoin in a portfolio can turn it into a diversifier, as the crypto coin generally is uncorrelated to other assets and has different fundamental drivers, CNBC quotes him as saying.
A bullish sun, indicating upside potential, shines over the global crypto market and Bitcoin in the next 24 hours and coming week, ATTMO shows. Over a one-week horizon, the largest cryptocurrency should continue to profit from the bullish trading conditions.
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The price of Bitcoin rallied 5.5 percent to $70,862 over the past 24 hours, trading 4 percent below its all-time high. Bitcoin’s halving in less than a month’s time is another supporting factor. Read more about its halving here.
“#Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years. 51,959 collective #Bitcoin were accumulated . This translates to 0.263% of the entire currently available supply being accumulated in one day. As we close in on the final three weeks of the #halving on April 19th, it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on #crypto-wide market caps,” the crypto intelligence firm Santiment said.
The crypto universe is also boosted by comments from BlackRock’s Head of Digital Assets Robert Mitchnick. A modest concentration of Bitcoin in a portfolio can turn it into a diversifier, as the crypto coin generally is uncorrelated to other assets and has different fundamental drivers, CNBC quotes him as saying.
A bullish sun, indicating upside potential, shines over the global crypto market and Bitcoin in the next 24 hours and coming week, ATTMO shows. Over a one-week horizon, the largest cryptocurrency should continue to profit from the bullish trading conditions.
Follow us for more crypto weather and news reports!
Find out more detailed forecasts at www.attmo.ai/