- The phase of low volatility and muted trading activity suddenly gave way to intense buying and selling.
- Bitcoin’s funding rates turned positive, suggesting a bullish narrative.
The false alarm, also viewed as the “dress rehearsal” by many analysts, launched Bitcoin [BTC] to its highest level since May 2022. The dormant crypto market became a hive of activity as the king coin soared above $35,000 on high prospects of a spot ETF approval.
今天 1,10,100 BTC 值多少钱？
Uptick in trade volumes
As a result of the price rise, a decisive shift in market sentiment was observed. The phase of low volatility and muted trading activity suddenly gave way to intense buying and selling.
As per crypto market data provider Kaiko, daily volumes on centralized crypto exchanges reached highs not seen in the last two quarters. While the turnaround was led by developments directly connected to Bitcoin, the spark ignited other altcoins as well.
Indeed, the combined volume of all altcoins surged past $15 billion last week, higher than that of Bitcoin.
