July 18, 2024

Bitcoin accelerates towards $30,000 as risky assets ease up

3 min read
Bitcoin accelerates towards $30,000 as risky assets ease up
Bitcoin accelerates towards $30,000 as risky assets ease up
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A fresh high makes the cryptocurrency resume gains close to 80% in 2023

InfoMoney team




bitcoin (BTC opened Wednesday (26) at a high of 5.50% and extended its gains into the early hours of the morning, reaching a 9% 24-hour valuation around 10am. The digital currency is tracking a slight rally in risky assets around the world — meanwhile, the Nasdaq 100 is up 1%.

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Moving forward, the cryptocurrency is approaching the $30,000 level, which is the highest level in a week. The increase in assets in the year again touched about 80%.

Several altcoins are following the pace of the largest cryptocurrency on the market, with Ethereum (ETH) by 7.40%, and Cardano (ADA) climbed 8.80%, to 0.41. Smaller Cryptocurrencies Rally Stronger, Focusing on Render (RNDR) and Radix (XRD), in increments of 25% to 29%.

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Paul Hickey of Bespoke Investment Group said in a note on Tuesday (19) that bitcoin is trading around the 50-day moving average. He said that the important level to watch is $27,500. If the currency stays above this value, as it is today, the prices will not tend to fall.

Despite the price rally this year, bitcoin is still trading less than halfway from the record $69,000 reached in November 2021. A series of industrial scandals and bankruptcies last year have reduced the digital asset’s appeal to many investors.

“We have seen a decrease in volume, market depth, and liquidity, which translates into greater volatility,” Ambre Soubiran, CEO of crypto data provider Kaiko, said during an interview with Bloomberg TV. “For now, this is an indication that while there is positive sentiment towards the price of these assets, the market has not returned to its pre-crisis 2022 value in terms of volume and market depth.”

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Multiple anecdotes helped fuel Bitcoin’s rise, including that the asset functions as a file hedge inflation, which can be used to circumvent weaknesses found in traditional banking systems. For Bespoke’s Hickey, changes in bitcoin’s relative strength tend to align with changes in the S&P 500 rather than leading moves in the stock market.

“Comparing the performance of the S&P 500 to the relative strength of Bitcoin versus the S&P 500 shows a loose but unconvincing correlation between the two chains,” he wrote in the note. “While bitcoin and the crypto space have little to do with the stock market, some traders are watching the space believing it provides a good measure of risk appetite in general.”

Bitcoin’s ratio to the S&P 500 peaked about two months before the S&P 500 peaked in late 2021 through early 2022. But when the benchmark bottomed out in October, Hickey noted it took another two months. Paid.

Check out how major cryptocurrencies are performing at 10 am:

Cryptocurrency price Change in the last 24 hours
bitcoin (BTC) 29,838 USD +9.00%
ethereum (ETH) 1959 USD +7.40%
BNB Chain (BNB) $344 +4.10%
XRP (XRP) 0.482698 USD +5.80%
cardano (ada) 0.414715 USD +8.80%

Cryptocurrencies with the biggest increase in the last 24 hours:

Cryptocurrency price Change in the last 24 hours
Presentation (RNDR) $2.33 +28.70%
root (XRD) $0.110565 +25.50%
injection (INJ) $8.65 +19.80%
mouth (CFX) $0.331430 USD +14.70%
Woo Network (WOO) 0.283184 USD +13.20%

Cryptocurrencies with the biggest losses over the past 24 hours:

Cryptocurrency price Change in the last 24 hours
Bitget Token (BGB) 0.380706 USD -0.60%
XDC Network (XDC) 0.04021108 USD -1.10%

Check out how the cryptocurrency ETFs closed in the last trading session:

ETF price disparity
Hashdex NCI (HASH11) 23.87 Brazilian reals +0.75%
Hashdex BTCN (BITH11) 33.00 Brazilian Real +1.97%
Hashdex Ethereum (ETHE11) 27.18 Brazilian reals -1.45%
Hashdex DeFi (DEFI11) 18.95 Brazilian reals -0.31%
Hashdex FI smart contract platform (WEB311) 15.25 Brazilian reals -4.92%
hasdex cipher metaverse (target 11) 35.60 Brazilian reals -5.77%
QR Bitcoin (QBTC11) Brazilian Real 8.75.00 Brazilian Real -0.56%
QR Ether (QETH11) 6.70 Brazilian reals +0.75%
QR DeFi (QDFI11) 3.25 Brazilian reals -3.56%
Crypto20 EMPCI (CRPT11) 6.44 Brazilian reals -0.61%
I invest NFTSCI (NFTS11) 17.78 Brazilian reals +0.22%
invest BLOKCI (BLOK11) 91.35 Brazilian reals -9.56%

(with information from Bloomberg)

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