BitcoinBTC, ethereum and other major cryptocurrencies have rocketed higher this year due to a myriad of surprising different factors.
The bitcoin price has doubled from its late 2022 lows, climbing to over $30,000 per bitcoin and pushing up the price of other top ten coins BNBBNB, XRPXRP, cardano, dogecoin and solana. The surge has seen $300 billion added to the combined market this year.
Now, the world’s largest asset manager BlackRockBLK—which looks after around $10 trillion on behalf of clients—has triggered a flood of U.S. spot bitcoin exchange-traded fund (ETF) applications that combined boast $27 trillion in assets under management.
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“Many of the largest financial institutions in the U.S. are actively working to provide access to bitcoin and more,” CoinShares chief strategy officer Meltem Demirors posted to Twitter alongside a list of financial institutions, including Fidelity, JPMorgan, Morgan StanleyMS, Goldman Sachs, BNY Mellon, InvescoIVZ and Bank of AmericaBAC.
Fidelity is the latest financial giant to enter the race to be the first to market with a fully-fledged spot bitcoin ETF, on Thursday refiling the paperwork with the U.S. Securities and Exchange Commission (SEC) for the so-called Wise Origin Bitcoin Trust it first proposed in 2021.
“Crypto markets enjoyed another positive week, with bitcoin stabilizing near its $30,000 range peak,” Rachel Lin, founder of decentralized derivatives SynFutures, said in emailed comments.
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“Bitcoin’s comparative performance against the wider crypto market strengthened, with no signs of reversal. Meanwhile, altcoins saw modest gains last week followed by a more significant pullback this week. Bitcoin is trading near its mid-term highs, while most altcoins’ market caps are approximately 20% lower. Major altcoins like solanaSOL, polygonMATIC, polkadot, and algorandALGO have yet to regain their May levels.”
Lin pointed to derivatives data that showed increased trading activity, with bitcoin’s open interest hitting $16 billion. Options open interest indicates 66% calls to 34% puts, with the most significant interest at the 35,000 and 32,000 call levels, acting as resistance if bitcoin breaks the $30,000 level.
“Bitcoin dominance has hit a new yearly high of 52%. Bitcoin looks stronger than altcoins on the charts, even ethereumETH, which previously held well against Bitcoin, is faltering,” Lin said, adding “bitcoin’s outperformance is largely due to bitcoin ETF news.”
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