Bitcoin (BTC) returned to the path of growth after an extremely difficult week, in which it corrected its price by more than 15%. During the weekend the crypto currency hovered around USD 50,000, and this morning it posted a growth that goes by 7%. As of press time, the price of BTC is $ 53,550.
Almost all the major altcoins on the market showed truly encouraging signs of recovery , and specialists believe that this week or during May there will be new all-time peaks. For BTC to reach a new milestone, it will need to grow more than 10%.
Last week, the fall in the price of BTC was mainly due to the new financial policies of the Joe Biden administration in the United States and its implication on digital assets. It was learned that the Democratic president seeks to raise capital gains tax levies (with increases in the minimum income thresholds), and that would affect the large financial companies that have joined the market in recent months.
However, the encouraging winks this week also came from official agencies of the American power. As it emerged in the last hours, the Securities and Exchange Commission (SEC) will begin to evaluate the requests of different firms to create Bitcoin funds listed on the exchange (ETF).
The approvals of these products would undoubtedly revolutionize the market. Firms such as Grayscale or Galaxy Digital -which submitted their applications to the SEC-, will have to make large investments in BTC to start their ETFs if approved, which would represent a price surge based on the demand for assets and an encouraging momentum to the market in general.
Ethereum (ETH), the benchmark altcoin, grew in line with BTC in the last 24 hours and rallied above $ 2,480. The asset hit all-time highs last week above $ 2,500, and it will look to break above its ceiling in the coming days.
Of the top 10 crypto currencies on the market, the one with the best daily performance was XRP; after a jump of 14% it reached USD 1.23. Binance Coin (BNB) was up 5% and passed $ 533. Polkadot (DOT) and Litecoin (LTC) had similar growth, reaching $ 32.54 and $ 241, respectively.
Cardano (ADA) jumped 8% to hit $ 1.22, while Uniswap (UNI) was up just under 3% and touched $ 32.50. Dogecoin (DOGE) was the only asset to show red numbers: it is trading at $ 0.26 after a 1.4% drop.