Bitcoin Breaks ATH & Altcoins Accumulate

Bitcoin's massive bullish leg has been non - stop going since the first week of November. Earlier, the narrative of Bitcoin Spot ETFs launch was the "rumor" that carried the whole market. With the approval of ETFs, rather tha buy the rumor sell the news; we witnessed an exceptional buy pressure from Bitcoin Spot ETFs which have been collecting Bitcoin from central banks and demanding more!

Coinalyze Data

As the spot volume data clearly shows, the market is not driven by the longs and shorts this time. Clearly, institutions, the giants of the traditional markets are coming to drain Bitcoin in the centralized exchanges in the first place.

The Dollar Cost Averaging by MicroStrategy enabled the company to make millions of dollars in gains within 2 years. Though Bitcoin tested all time high level with 72K+ today, MicroStrategy bought 12,000 more Bitcoin and increased the total sum to 205,000 Bitcoin in treasury 🔥

All eyes are on Bitcoin once again. The birth of a new technology - based solid asset is a great opportunity for many investors but there are also some minority groups that are not happy with the rapid growth of crypto ecosystem. For instance, the crypto haters always criticize the cryptocurrencies because they are highly volatile and they do not generate any real value according to their perspective in old school way of thinking. On the other side, Bitcoin has larger market capitulation than Meta already! This might be just the beginning of its future rankings.

As the price increases, it gets harder to find new buyers around the all time high levels. Thus, the market might settle down a bit to wait for the upcoming fundamental news that may have an impact on both stock and crypto markets. Last week, the markets were stress - tested withe the unemployment rates and a more important data is around the corner. CPI data, especially Core CPI which the Fed governors care a lot about, may shake the markets soon.

Besides the global factors that may turn everything red, there is another uncertainty that grows in crypto. Though Bitcoin Spot ETFs were accepted because it is not owned by any parties, foundations as a proof of work digital asset. Ethereum, on the other hand, has also active spot ETF application but some politicians such as Senator Warren are against spot Ethereum ETFs to be introduced to investors. During May, until May 23rd when we will get the decision for spot Ethereum ETFs, we may see some volatility in many altcoins.

Overall, the market accumulates as the big brother, Bitcoin, grows every single day. Meanwhile, Alts / BTC pairs are getting lower as they could not catch up with Bitcoin's march. However, the Bitcoin cycle might be close to the end. Following it, we will, initially, see major price actions in the Top 20 altcoins and then the rest of the alts respectively. While Bitcoin is in the price discovery zone, it is hard to guess the exact turning point. However, we might not be far from that time to energize altcoins ⚡️

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