Bitcoin’s Sideways Trading Continues with Potential for $38K Run-Up
Bitcoin has been trading sideways, but there are early indications of a potential run-up to the $38,000 level. Additionally, most altcoins are experiencing slight gains, with Ethereum (ETH) reaching $2,100 for the first time in over a week.
BTC Faces Challenges Amid Binance Settlement
The recent settlement between Binance and the US Department of Justice (DOJ) caused significant volatility in the market. Bitcoin’s price fluctuated from over $37,000 to a weekly low of under $35,800. However, the bulls eventually regained control and pushed the cryptocurrency closer to $38,000.
BLUR Token Surges
The native token of Blur has experienced a remarkable surge in value, increasing by more than 80% in the past week. In the past 24 hours alone, it has gained over 25%, potentially fueled by its listing on Binance. Other cryptocurrencies such as Mina, Gas, FET, and Sui have also seen significant daily gains.
Modest Gains for Larger-Cap Altcoins
Larger-cap altcoins like Ethereum (ETH), XRP, ADA, DOGE, TRX, Toncoin, LINK, AVAX, MATIC, DOT, and BNB have all charted minor gains on a daily scale. The total crypto market cap has increased by approximately $15-20 billion in a day and now stands at $1.430 trillion.
Hot Take: Bitcoin Nears $38K with Altcoins Gaining Momentum
Despite ongoing sideways trading for Bitcoin, there are signs of an upcoming run-up to the $38,000 level. Altcoins are also experiencing positive momentum, with several coins seeing notable gains. Blur’s native token, in particular, has surged in value, while larger-cap altcoins have made modest gains. The overall crypto market cap has also increased significantly. It remains to be seen how these trends will develop in the coming days.
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