Unexpectedly, the cryptocurrency market has resumed its positive trend, with Bitcoin surging 7.5% in just one day. Due to this unexpected price increase, analysts and investors alike are hopeful about the cryptocurrency market’s future. With prices falling as low as $24,800 last week, bitcoin has been steadily declining, but it has already easily exceeded the $28,000 mark.
With prices breaking above the important 20-day Exponential Moving Average (EMA) on the daily timeframe, the cryptocurrency is now ready for even more favorable movement. According to data from CoinMarketCap, Bitcoin trade volume has increased by a staggering 74% in the last day alone, signaling a resurgence in interest in the currency.
Other cryptocurrencies, besides Bitcoin, have also seen huge gains during the last day. Dogecoin led other meme coins, increasing by more than 8%, while Ethereum, the second-largest cryptocurrency by market cap, is up more than 4%.
This increase in Dogecoin’s price is particularly worthy of note because cryptocurrency has recently been the focus of a lot of excitement and speculative activity, with many investors wanting to take out profit as fast as possible by buying the meme-inspired coin.
Also, the Wall Street Memes (WSM) community, which sprang to prominence earlier this year for its involvement in the GameStop short squeeze, has recently suffered a slight decline in the value of its cryptocurrency inspired by memes.
The $WSM is presently in its presale stage, where investors are allowed to purchase their tokens at a discounted rate. At the time of this report, this presale has raised more than $8.9 million in less than a month – investors and traders speculate that it could increase past the $10 million mark in a few days.
Presently, the $WSM price has maintained a $0.0298 position, with 100 tokens in investment. The current high demand for $WSM has been linked to the type of promotion given to it. The report says that the popular YouTuber Michael Wrube also played a major role in pushing the $WSM project.
Meme Coins Performs Optimally, Sudden Demand For BTC Explained
Despite a sharp climb that saw WSM reach a market valuation of around $10 million a few days ago, the cryptocurrency’s value has since fallen, leading many investors to worry that the bubble has burst. As of press time, the prices of major meme coins moved a step further in the last 24 hours. Shiba Inu rose by 5.91% against the 8.19% movement it did in the previous seven days.
Pepe Coin made a 31.92% move, thus, touching the $0.0000009331 price mark, while Floki performed a 14.45% price movement in the last 24 hours to reach $0.00002505. BoneShiba made it to the list with a 7.67% price increase, hitting a $0.7841 price mark.
Meanwhile, while explaining Bitcoin’s sudden price increase, Petar Jovanovic, a cryptocurrency analyst with BeinCrypto, revealed that the demand for Bitcoin rose after BlackRock applied for a BTC Exchange Traded Fund (ETF). $BCH, on the other hand, was also listed as one of the top performers, rocketing by more than 23%, getting ready for a prolonged bull run.
Jovanovic added that should the application be approved, the said ETF would be the first to have existed in the United States. He also pointed that it will also allow institutional and individual investors to gain from the supposed increase in liquidity, reduce trading fees, and benefit from the many SEC regulations.
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