Bitcoin has sustained its rally into a second week, rising over 4% in the past 24 hours to break through the $31,000 mark.
Bitcoin's price has sustained its rally into a second week on Monday, with the digital asset rising over 4% in the past 24 hours to break through the $31,000 mark for the first time since July.
"This is a bullish signal because the NAV discount reflects the increasing consensus view that a spot bitcoin ETF will be approved in Q1 2024. Approval of the spot bitcoin ETF is a bullish catalyst that will pave the way for capital inflows," Kuznetsov told The Block. "We’re seeing bitcoin decoupling from altcoins due to bitcoin's status as a digital gold, coupled with the market's anticipation of a spot ETF approval. The bitcoin dominance metric, which has been increasing since the end of 2022, highlights its outperformance compared to other cryptocurrencies," Dunn told The Block.
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