Bitcoin has shown its solid resistance amid the inflation and interest rates that have already affected other financial assets, including the US stock market. The crypto market however is facing a bull rally that can be linked to Bitcoin’s (BTC) performance which has already doubled in price this year. 

Other currencies, including Ethereum have also spiked in recent weeks. Exchange-traded funds (ETFs) approval has been the driving force for these market movements and among the cryptos that have experienced a gain in price include Cardano and Dogecoin which are leading the list for most gains in the past 24 hours. 

이더리움을 포함한 다른 통화도 최근 몇 주 동안 급등했습니다. 상장지수펀드(ETF) 승인은 이러한 시장 움직임의 원동력이었으며 가격 상승을 경험한 암호화폐 중에는 지난 24시간 동안 가장 많은 상승률을 기록한 Cardano와 Dogecoin이 포함됩니다.

Crypto bull rally 

암호화폐 강세장

According to market data analysis, the crypto space spurt gained by 4.6%, which was recorded as an overall addition to capitalization in cryptocurrencies. This was a 24-hour increase that totaled to $1.44 trillion, and this has been levels not seen since mid-May 2022. 

A week ago, Bitcoin (BTC) and other cryptocurrencies, including altcoins and memecoins, experienced huge gains and tested a reversal for their investors. The correction reversed almost all losses from the $300 million liquidation that happened on Tuesday. 

Among the top 10 tokens experiencing a price rally include Dogecoin (DOGE) and Cardano (ADA), which are led by market capitalization. Their gains recorded as much as a 12% increase that hasn’t been attributed to any event or catalyst. 

가격 상승세를 보이고 있는 상위 10개 토큰 중에는 시가총액이 주도하는 도지코인(DOGE)과 카르다노(ADA)가 있다. 그들의 이익은 어떤 사건이나 촉매로 인한 것이 아닌 12% 증가를 기록했습니다.

However, the futures trading of these major currencies illustrated a lower-than-usual liquidation. This suggested that the rally might have been caused by spot purchasing. Also, the measure of the digital asset market led by the CoinGecko Index rose to 3.8%

Solana (SOL) also rose to high levels, reaching $67, and this extended a week-long rise that has been favored by the view of the blockchain project. Another reason linking its price rally is the affiliations SOL has to the collapsed crypto exchange firm FTX, led by Sam Bankman-Fried’s investments in using digital currency.

솔라나(SOL)도 최고 수준으로 상승해 67달러에 이르렀고, 이로 인해 블록체인 프로젝트의 관점에서 선호되는 일주일 간의 상승이 연장되었습니다. 가격 상승을 연결하는 또 다른 이유는 SOL이 Sam Bankman-Fried의 디지털 통화 사용에 대한 투자를 주도하여 붕괴된 암호화폐 거래소 FTX와 제휴 관계를 맺고 있기 때문입니다.

Court ruling might push the price in either direction, and investors can ride the up and down wave. 

Avalanche’s AVAX also spiked by 24%, and this increase is catalyzed by the announcement made by Ava Labs. The firm said it’s working with JPMorgan, a banking giant. The partnership is to be added to an upcoming portfolio management product that will be offered in Singapore.  

Avalanche의 AVAX도 24% 급등했으며 이러한 증가는 Ava Labs의 발표에 의해 촉진되었습니다. 이 회사는 거대 은행인 JPMorgan과 협력하고 있다고 말했습니다. 이 파트너십은 싱가포르에서 제공될 예정인 포트폴리오 관리 제품에 추가될 예정입니다.

In light of the market gains, some traders had their reviews and confirmed that the increase reflected traditional assets. These included stocks but they also confirmed that recent movements in the market prices suggest signs of early decoupling.  

Market sentiments on the crypto rally

According to Alex Kuptsikevich, a crypto market analyst, said that, “Once again, the dynamics of crypto and equity markets have diverged. However, it should be noted that this seemingly negative correlation only works in the short term, as both asset classes have been rising steadily since October.”

암호화폐 시장 분석가인 Alex Kuptsikevich는 다음과 같이 말했습니다. “다시 한번 암호화폐 시장과 주식 시장의 역학 관계가 갈라졌습니다. 그러나 두 자산군 모두 10월 이후 꾸준하게 상승하고 있기 때문에 이러한 음의 상관관계는 단기적으로만 작용한다는 점에 유의해야 합니다.”

The analyst also confirmed that bitcoin bulls are still not giving up as its price rallied close to the $38,000 level on Thursday. Additionally, this added to the market prediction that a surge to $46,000 is on the way. 

분석가는 또한 비트코인 ​​가격이 목요일에 38,000달러 수준에 가깝게 반등하면서 비트코인 ​​상승세가 여전히 포기하지 않고 있음을 확인했습니다. 또한 이는 46,000달러까지 급등할 것이라는 시장 예측에 추가되었습니다.

Currently, Bitcoin is raging at a market price of $36,948 at the time of writing with an increase in market cap by 2.40% recording $722.1 billion. Bitcoin’s performance can be linked to the spot ETF approval that has been anticipated by the United States Securities and Exchanges Commission (SEC). 

Ethereum (ETH) also remained on the top list as the asset was catalyzed by BlackRock’s intended launch of Ethereum-spot exchange-traded funds from its iShare Ethereum Trust. 

This has seen its price rise from consolidation prices of $1,700 to $2,000. Currently, Ethereum is tagged at $2,043, recording a 0.89% increase in its price. Its market capitalization also increased by 2.96% and this topped to $244.05 billion. 

이로 인해 통합 가격 1,700달러에서 2,000달러로 가격이 상승했습니다. 현재 이더리움은 2,043달러로 0.89%의 가격 상승을 기록하고 있습니다. 시가총액도 2.96% 증가해 2440억5000만달러를 기록했다.