In a positive turn for the cryptocurrency market, Bitcoin has recently witnessed a surge, particularly at the start of the US trading session. The uptick has provided a sense of relief to altcoin investors, who are making strides in recovering from previous losses. The upswing in Bitcoin’s value has sparked curiosity among market watchers about expert interpretations and projections for the cryptocurrency’s future trajectory.
Bitcoin’s value has reached $70,470, marking a significant increase from its opening price of $67,212 on March 25th. Its highest value during the day touched $71,150. A new report from CoinShares indicates the end of a 7-week period, disrupted by the steep price rises of the past week. After witnessing $12.3 billion in inflows, the market saw its first week of outflows, yet the total value of cryptocurrency funds remains high at $88 billion. The report suggests that recent price corrections have made investors cautious, resulting in reduced inflows for newly launched ETFs in the United States and offsetting the $2 billion outflow from GBTC with $1.1 billion in inflows.
Expert Insight on Spot Bitcoin ETFs
Expert James Seyffart sheds light on the situation surrounding spot Bitcoin ETFs, attributing the significant outflows to the sale of GBTC shares by the bankrupt lending company Genesis. The market anticipates this week to balance out the outflows with net inflows.
ChiefRat, a respected voice in the cryptocurrency sphere, cautions altcoin investors about potential price corrections. Despite the inflows through ETFs and prospects of reaching new cumulative value highs, the commentator predicts a support test is likely before any new all-time highs are achieved in 2024.
Sheldon The Sniper, another prominent crypto analyst, suggests that Bitcoin’s market dominance may be waning. This trend could lay the groundwork for the long-awaited mega rally in altcoins, with Bitcoin’s current market dominance hovering around 51.7%.