On Monday, September 18, quotes of the first cryptocurrency exceeded $27,000. Over the past 24 hours, the asset has added 1.7%, according to CoinGecko.
At the time of writing, Bitcoin is hovering around $27,090. As can be seen in the chart below, the growth is accompanied by a surge in trading volumes.
Following the flagship, almost all assets from the top 10 by capitalization moved into the “green zone”. At the time of writing, the exceptions were XRP (-0.1%) and TON (-1.9%).
Trader and analyst Michael van de Poppe admitted that the trend “will be upward as altcoins also wake up.”
#Bitcoin price breaks the barrier at $26,800 and attacks the highs at $27,200.
Trend looks like to be upwards from here, as altcoins are also waking up.
Still the best period to buy your assets. pic.twitter.com/EfSQVJugQz
— Michaël van de Poppe (@CryptoMichNL) September 18, 2023
On September 11, digital gold tested below $25,000 on expectations of a report from the US Federal Bureau of Labor Statistics. The asset reacted with restraint and negatively to the publication of inflation data, but quickly recovered the decline.
In August the chairman Fed Jerome Powell confirmed the department’s readiness to continue raising the base rate if necessary, to which Bitcoin responded with volatility.
On August 31, the price of the first cryptocurrency tested below $26,000, immediately dropping to $25,660. Then the negative reaction was associated with the actions SEC — the department postponed a decision on applications to launch spot Bitcoin ETFs from BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie until at least mid-October.
Previously, BitMEX co-founder Arthur Hayes admitted a possible short-term departure of Bitcoin below $20,000 followed by a new bullish impulse. However, in September, he pointed to the positive prospects for the first cryptocurrency, contrary to the Fed’s policy.
The founder of Edelman Financial Engines, Rick Edelman, predicted that the price of digital gold will rise to $150,000 by the summer of 2025.
The dominance indicator of the first cryptocurrency returned to 50% after drawdowns in August and early September. At the same time, the overall capitalization of the crypto market and the altcoin sector is experiencing a decline.
Source: Cryptocurrency
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