The market was relatively flat before BTC showed some positive traction, which landed the token in the $109,000 bracket. However, as soon as the narrative shifted in favor of BTC, Ether also started showing some positive traction. Soon after the BTC climb, Ether observed a 7% gain in the last 24 hours.
This is not limited to one single token. Another popular token, Dogecoin, also showed a 5% price increase. In the Asian afternoon hours, the token was trading near the 19-cent mark. CoinDesk data suggests that the overall market cap of the token rose by 3%.
Mixed Signals
Head of insights of SignalPlus, Augustine Fan, observed the movement and said, “Bitcoin surged to around $110K as US-China trade talks resumed while the SEC greenlights new crypto ETFs, giving investors a renewed bullish sentiment.” He further added, “We anticipate a continuation of the bullish trends as crypto attracts more institutions and retail investors with innovations and competitive returns.”
On the other hand, we have Jeff Mei, COO at BTSE. Mei claimed, “We’re seeing more options for investors to get crypto exposure, whether through ETFs, corporate treasuries, or stablecoin issuers.” Mei even added, “This cycle will be more nuanced as crypto matures as a macro asset class.”
All in all, macroeconomic developments suggest that a period of uncertainty lies ahead, which could derail any bullish sentiment. Therefore, waiting it out can be a better option for traders.
