Bitcoin is back at $80,000 as rest of crypto joins the rally: Chart of the Day
Bitcoin surged to a two-week high of $80,000 on Friday, outperforming other cryptocurrencies, despite the Federal Reserve's recent interest rate hike and the failure of the Clarity Act. The Securities and Exchange Commission granted a conditional exemption for the trading of tokenized stocks on blockchains, allowing this trading for the next five years.
The rally was largely driven by technical factors, as derivatives traders remained bullish, and US spot ETF inflows, along with short covering, pushed the price above the psychologically significant $80,000 mark. Alt-coins Ether (ETH), Binance Coin (BNC), and Solana (SOL) also outperformed over the past month, with gains of 35%, 25%, and 41%, respectively.
The crypto market capitalization reached $2.66 trillion, according to CoinMarketCap. Analysts believe that the cyclical crypto winter may have ended, with Coinbase's strategist updating its outlook to Neutral from Sell, citing Bitcoin's recovery from a cyclical bottom.
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