#cryptonews
Bitcoin smashed through the $100,000 barrier overnight, with the current BTC price of $102,545 representing a 6.5% gain in the past 24 hours.
This means BTC has outperformed the cryptocurrency market as a whole today, with average prices up by a more modest 2%. The original cryptocurrency is now up by 8% in a week and 49% in a month, with its momentum likely to take it even higher by the end of the year.
Despite a very slight retreat, its momentum remains very high, with its relative strength index (purple) holding to the 70 level after reaching 80 earlier today. Its 30-period average (orange) also looks very bullish, in that it has very recently formed a golden cross with the 200-period (blue).
BTC topped out at $103,679 very early this morning, with this price now serving as its all-time high.
Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.
In an interview with Cryptonews’ Rachel Wolfson at Consensus 2024, Seyffart discussed the timeline and approval process for spot ETH ETFs, including the 19b-4 rule change and the role of the SEC. And with its trading volume at a very high $164 billion, it’s apparent that demand for the cryptocurrency is going through the roof right now.
