As the world of cryptocurrencies continues to evolve, we can witness consistent progression and fluctuations. The much-anticipated Bitcoin (BTC), the colossal titan of the crypto realm, indeed saw some progress, but remained tethered below the $27,000 line as of Friday morning. As of this report, total cryptocurrency value stands at a staggering $1.07 trillion, showing a 2.50% climb in the preceding 24 hours.
An interesting turn of events causing a ripple in the market is the approval of futures fund manager Valkyrie Funds LLC to incorporate Ethereum futures into their Bitcoin futures exchange-traded fund (ETF). This nod from the US Securities and Exchange Commission lends Bitcoin a much-needed push past the $27,200 line, stabilizing it above $26,900. Including the Ethereum futures indeed seemed to paint the digital asset, Bitcoin, in a positive hue.
A noteworthy, seismic shift in the crypto market, Valkyrie’s ETF is now the inaugural platform offering ‘Ether’ futures contracts to investors. This arrival of Ethereum onto the scene could potentially influence similar moves by firms like VanEck and ProShares, actively preparing to introduce dedicated Ethereum futures ETFs. The impact of this move on Ethereum prices is palpable, with a nearly 6% ascendance this week, embedded within an impressive 3.3% gain on Thursday alone.
Simultaneously, BTC witnessed a rebound, with a surge bolstering its price to $27,148, a significant 4% uphill climb in a single day. The trading volume also shares the same story, with $13.98 billion denoting an upward trend, helping BTC retain its supreme position on CoinMarketCap.
The BTC market capitalization is a whopping $529.36 billion, considering the current circulation of 19.5 million out of a capped 21 million BTC supply. Technical indicators inform us that the asset’s pivot point at $26,629 witnesses immediate resistance at $27,100, with succeeding levels at $27,958 and $28,438, along with support levels red-flagged at $25,772, $25,283, and $24,426.
BTC’s price continues to soar above the 50-day Exponential Moving Average (EMA) of $26,500, denoting a short-term bullish wave. This upward trendline, currently at the $27,100 test of resistance, could either drive buying sentiment or trigger selling. With Bitcoin’s fate hinging on the $27,000 mark, eyes should be trained on short-term movements around the $27,100 resistance.
In the expansive universe of cryptocurrencies, having a well-researched list of promising alternatives and ICO projects is essential. We encourage you to explore our exclusive collection of 2023’s Top 15 Cryptocurrencies. Our experts at Industry Talk and Cryptonews have meticulously curated this list to keep you informed and ready for potential investments.
Cryptocurrency, though a promising and exciting venture, is exceptionally volatile and carries substantial risk. Therefore, it is imperative to practice due diligence and extensive research before diving into it.
Source: Cryptonews
