{"id":86755,"date":"2023-11-20T17:46:26","date_gmt":"2023-11-20T22:46:26","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-and-other-crypto-prices-can-keep-rallying-heres-why\/"},"modified":"2023-11-20T17:46:28","modified_gmt":"2023-11-20T22:46:28","slug":"bitcoin-and-other-crypto-prices-can-keep-rallying-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86755","title":{"rendered":"Bitcoin and Other Crypto Prices Can Keep Rallying. Here’s Why."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies rose Monday amid continued optimism over the approval of exchange-traded funds, with recent buoyancy across a wide range of tokens signaling that bullish sentiment is becoming entrenched.<\/p>\n

The price of Bitcoin has risen 2% over the past 24 hours to above $37,250, shy of its recent peak near $38,000 notched last week but still around the highest levels since cryptos plunged into a bear market in May 2022. The largest digital asset has rallied more than 30% since early October, ending a multi-month period of subdued crypto trading activity and spurring calls for a new Bitcoin bull market.<\/p>\n

\n

\u201cWe\u2019re entering a more bullish phase for Bitcoin and the rest of the digital asset market, and a lot of the short-sellers of late have really been caught off guard. Excitement over an approval of these spot Bitcoin ETFs is certainly providing a tremendous amount of momentum,\u201d said Brian D. Evans, CEO of digital asset venture firm BDE Ventures.<\/p>\n

Indeed, much of the momentum behind Bitcoin\u2019s rally\u2014which has helped it outperform the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n \u2014has been optimism that regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF). Such a fund would be expected to usher in a new wave of retail and institutional interest in digital assets and be supportive of prices.<\/p>\n

But there are also signs that crypto traders are growing more broadly bullish on digital assets after more than a year of pain, with a number of smaller tokens or altcoins outperforming of late, including
\n Solana,<\/span>
\n which has more than doubled in a month.<\/p>\n

\u201cI think this prolonged rally is also rooted in a market that has moved from a recovery phase to one that is poised to experience strong growth. A lot of strength shown of late by layer-2s and altcoins, notably Solana, are also indicative of this positive momentum shift,\u201d said Evans.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014gained 4% to $2,030. Altcoins were stronger, with
\n Cardano
\n climbing 5% and
\n Polygon
\n popping 4%. Memecoins also advanced, with
\n Dogecoin
\n up 3% and
\n Shiba Inu
\n 2% higher.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies rose Monday amid continued optimism over the approval of exchange-traded funds, with recent buoyancy across a wide range of tokens signaling that bullish sentiment is becoming entrenched. The price of Bitcoin has risen 2% over the past 24 hours to above $37,250, shy of its recent peak near $38,000 notched last […]<\/p>\n","protected":false},"author":1,"featured_media":54784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-86755","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin and Other Crypto Prices Can Keep Rallying. 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