Bitcoin is rising again. Ether is doing even better. What are the reasons?
Bitcoin price is rising
Take a look at the chart. You’ve probably been waiting to see this for weeks.
The market clearly defended the key level, drawing a double bottom that gave rise to the current wave of growth. It has already managed to break through the level of USD 60,000, i.e. the psychological barrier. It is possible that we will fight for a new ATH this year. This is all the more realistic because historically the last quarters of the year are very good for cryptocurrencies. Especially in “halving” years.
Today, one bitcoin costs around $63,700, which translates to an increase of over 8% on a weekly basis and 1.2% since yesterday.
Sentiment has also improved. The fear and greed index shows a neutral market stance.
Ether is doing even better, now costing USD 2,653. This means that ETH has gone up by about 3% since yesterday, and by 16% in 7 days. This cryptocurrency is starting to do better than bitcoin, which may herald altcoin season (although wait a while before opening the champagne!).
It is growing, but why?
The answer to the question of why the BTC rate is rising must be complex. First of all, we have behind us strong declines that cleared the market. Whoever was supposed to sell, did so, to put it colloquially. In addition, there is the already mentioned historical data, which also provides a foundation for growth (economics is a social science – if investors are convinced that in a given period “it will grow”, a self-fulfilling prophecy occurs).
Kamala Harris herself may also have a hand in the current growth. The US vice president is currently fighting for the White House with Donald Trump and a few hours ago she spoke publicly for the first time about cryptocurrencies, which she compared with AI. She also promised to support new technologies. It is possible that this inspired the bulls to enter the market. Although – it must be added – we are still not at a stage of strong growth.
The text does not constitute investment advice.
