Bitcoin jumps above 29,000 dollars; What was the cause?

The 12% growth of Bitcoin price in the past few days and the jump to above 29,000 dollars, in the situation that the recent actions of the Securities and Exchange Commission have had a negative impact on the altcoins market, once again make some investors hope for the start of a new upward trend. has done.

According to CoinDesk, Bitcoin reached the price of $28,850 after a significant growth of 7.7% last day, and Ethereum is trading in the range of $1,800 with a 4.75% increase in price.

Strahinja Savic, head of data analysis at digital currency platform Front Financial, wrote in a note about the reason for yesterday’s jump in Bitcoin:

With Bitcoin jumping above $28,000, the share of this coin in the total market value of digital currencies reached 50% for the first time in the last 2 years. Unlike many other cryptocurrencies, Bitcoin has not been involved in any of the regulatory problems that have arisen in the United States.

Savitch says that unlike the selloff and bankruptcies we saw earlier this year and in late 2022, BlackRock’s application for a license to launch a bitcoin ETF really proved that institutional investors are still interested in bitcoin.

Joe DiPasquale, the CEO of Bitbull Capital’s digital currency investment fund, also believes that the Bitcoin ETF case, as well as the launch of a new digital currency exchange with the support of several large companies called EDX, can indicate the possibility of the beginning of the upward trend of digital currencies. He added:

It would not be surprising if Bitcoin continues to lead the market. However, the $30,000 level is an important resistance in the continuation of the uptrend.