The rest of the altcoins also rose, most notably Avalanche (10.1%), Polkadot (8.3%), Solana (8.1%), and Dogecoin (7.1%).
Bitcoin has risen sharply by more than 5% in the past 24 hours and is approaching $70,000 USD. Meanwhile, Ethereum also advanced more than 18%, surpassing $3,600.
The rest of the altcoins also rose, most notably Avalanche (10.1%), Polkadot (8.3%), Solana (8.1%), and Dogecoin (7.1%).
Cryptocurrencies: What data sparked the market?
According to Cointelegraph, an increase in buying and investing in Bitcoin exchange-traded funds (ETFs) has been observed, prompting investors to quickly question whether the bull market has begun or is approaching its peak.
Analyst “ELI5 of TLDR” notes that most on-chain indicators point to an incipient bull market, although some are showing the best patterns. The recent bounce off support near $60,000 has sparked increased interest among Farside Investors It recorded about $950 million in flows last week, a number not seen since March.
In the broader economic contextBitcoin’s 51% year-to-date gain reflects investors’ expectations to US monetary expansion, which saw the M2 monetary base exceed US$21 billion in April 2024.
This increase in the amount of money in circulation indicates rising inflationary pressures despite a period of hesitation in spending by companies and individuals. Federal Reserve Strategies for Managing Inflation Avoiding recession can affect liquidity, therefore, The attractiveness of scarce assets like Bitcoin.
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