Cryptocurrency markets are trading with a positive bias on Wednesday, with altcoins continuing to push higher as Bitcoin (BTC) consolidates just to the north of the $35,000 level as bulls eye a potential retest of recent highs in the $36,000 area. The BTC price was last up around 1.7% in the past 24 hours, while the likes of XRP (XRP), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE) were all up between 3-6% over the same time period. Toncoin (TON), Chainlink (LINK) and Polygon (MATIC) are seeing even more impressive gains, up 8-11% each.
Observers have noted that rotation into more speculative altcoins as the Bitcoin price consolidates in the wake of its October pump is a sign that risk appetite in the crypto market remains strong and, indeed, that investors are upping their exposure to risk, signaling that traders are increasingly positioning for upside. That’s no surprise given, firstly, ongoing optimism that spot Bitcoin ETF approvals are near, which should open the door to substantial institutional inflows into the space, and secondly, increasing bets that the Fed’s interest rate hiking cycle is over and rate cuts are near as the US economic data deteriorates.
