Bitcoin Hits Breakeven
Bitcoin, the largest cryptocurrency by market capitalization gained more than 4% to reach a three-month high at $46,800, over a two-hour period. Bitcoin has gained over 12% since last Sunday after getting up for six consecutive days, although it remains off its $47,740 starting point in 2022.
A note was published on Monday morning Asia time, Singapore’s QCP capital mentioning a broader rally in global asset prices as a reason for the “bullish momentum” and why it is likely to continue in the near term. The fund also mentioned the continued bitcoin buys from Luna as a reason for the continued momentum.
Ether and most other major cryptocurrencies were also growing. ETH, the second-largest crypto by market capitalization followed bitcoin on Sunday at its highest level since early February at $3,250. Solana, Cardano and Avalanche and some other altcoins were also growing up. Popular meme coins Dogecoin and Shiba Inu, were also up by 6% and 3% respectively.
Trading was growing up after weeks of low volumes.
Some analysts said that Bitcoin had a strong week, especially given the quarterly options expiry on Friday, and noted that Bitcoin had shown flexibility, following the Federal Reserve’s decision last week to raise the rate of interest and the continued growth of Russia’s invasion of Ukraine with its economic fallout.
But they were also cautious in their appraisal of the coming days. “While participants in the market are starting to get optimistic and the greed index is not fluctuating, Bitcoin bulls will want to see the gains price above $46,000,” they said as the quarter is ending, we could see increased unpredictability after that.”