Blue-chip cryptocurrency markets are experiencing a notable surge, with Bitcoin (BTC) leading the way by surpassing $42,000 for the first time since April 2022. This surge in price has resulted in a four-day gain of over 10%. Various factors are being attributed to the current rally in BTC:
- Ongoing optimism for near-term spot Bitcoin ETF approvals, which is fueling confidence in institutional adoption.
- An improving macro outlook, as investors anticipate a Fed rate cutting cycle in the near future.
- Rumors of Qatar’s sovereign wealth fund potentially purchasing BTC.
- Positive technical indicators and the upcoming BTC halving.
Bitcoin bulls are now eyeing a near-term test of the next major resistance level at around $43,000 within days. There is also speculation of a potential retest of the 2022 high around $48,000 before the year ends. Ether (ETH) has also seen a 3% increase in the past 24 hours, reaching fresh yearly highs above $2,200.
While major cryptocurrencies have a strong near-term outlook, investors seeking quick exponential gains may turn to the highly illiquid shitcoin/meme coin markets. Here are some notable gainers according to decentralized exchange analytics website DEXTools.
