Cryptocurrencies rise more than 18% and Bitcoin is close to US$70,000: what data excited the market
The rest of the altcoins also rise, highlighting Avalanche (10.1%), Polkadot (8.3%), Solana (8.1%) and Dogecoin (7.1%).π
Bitcoin rose more than 10% in the week and was close to US$67,000
According to Cointelegraph, an increase in buying and investing in spot BTC exchange-traded funds (ETFs) was noted, causing investors to quickly question whether the bull market is beginning or approaching its peak.
Analyst 'ELI5 of TLDR' suggests that most on-chain indicators point to an incipient bull market, despite some showing top patterns. The recent bounce off support near $60,000 has sparked growing interest, with Farside Investors reporting approximately $950 million in inflows last week, a figure not seen since March.
In the broader economic context, Bitcoin's 51% year-to-date gain reflects investor anticipation of US monetary expansion, which has seen the M2 monetary base surpass $21 billion in April. of 2024.
This increase in the amount of money in circulation suggests rising inflationary pressures despite a period of hesitation in spending by businesses and individuals. The Federal Reserve's strategies to manage inflation and avoid a recession could affect liquidity and, consequently, the attraction in scarce assets like Bitcoin.
