Crypto market surge continues, Bitcoin crosses $30,000 mark

Crypto market overview: BTC has been holding firm above the $30,000 mark as several altcoins have started to catch up with this Q4 rally as well. Even as we see Bitcoin going up daily for 4 days in a row now, the $28,000-31,000 range has acted as a major liquidity zone and BTC must cross the $31,500-33,000 zone before one can say with certainty that this resistance zone has been broken.

The Crypto Fear and Greed Index is also reflecting a positive sentiment in crypto marketing, currently hovering at 53.

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While talking about the uptrend in altcoin amid the ongoing Bitcoin rally, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “The altcoin rally on the other hand has been led by the Chainlink token. LINK has broken out of its 18-month resistance and is up by a massive 50 per cent in the last 4 days. Given how well this project has done fundamentally in the last few months, including changes in its tokenomics, this price action should not come as a surprise among crypto investors., Investors believe that this rally can very well be sustained for long.

Shivam Thakral, CEO, BuyUcoin, also shared his take on the crypto price movement in the last 24 hours. Thakral said, “The crypto market had an action-packed weekend with BTC breaching the $30,000 mark and the overall crypto market cap touching the $1.16 trillion level. In the last 24 hours, ETH witnessed a mini-rally and surged by over 4 per cent to touch the $1,694.60 level.”

“Amidst growing geo-political uncertainty, soaring inflation and other economic factors, users are looking at Bitcoin as a hedge against inflation and store value. BTC's dominance currently stands at an impressive 51.23 per cent, which shows the increased interest in the world’s largest digital asset,” added Thakral.

Gains driven by renewed optimism for Bitcoin ETF approval

Edul Patel CEO of Mudrex told Republic that current Bitcoin rally could be the result of recent market optimism on Bitcoin ETF approval. Patel said, “Bitcoin breached the $30,000 threshold over the weekend, driven by renewed optimism surrounding the potential approval of a Bitcoin Spot ETF. Several applicants made amendments to their SEC applications last week, following which Bitcoin reached a three-month high with a remarkable growth of over 11 per cent in the past seven days.”

“The prevailing market sentiment is bullish. In the meantime, Ethereum successfully overcame the $1,600 resistance and is currently trading above $1,650. Altcoins like Solana and Chainlink have exhibited impressive growth, with gains of more than 35 per cent and 41 per cent, respectively, over the last week,” added Patel.

Sudeep Saxena, CoFounder, CoinGabbar reiterated the same reason behind the positive market sentiment. Saxena said, “Bitcoin investors are celebrating the climb past $30,000, driven by optimism about a potential US Bitcoin ETF approval. ETF providers modified filings recently, and pressure on the SEC to review their stance is mounting.”