Bitcoin managed to maintain the crucial $23,000 level over the weekend, while Ethereum hovered in the $1,700 mark. The altcoins saw significant gains and the overall crypto market has been lighted up in green.
Mike McGlone, a senior Bloomberg analyst, believes Bitcoin is trading at a massive discount and could become global digital collateral. He draws his conclusion from a technical analysis of the 100-week moving average; Bitcoin reached its lowest ever price vs. the 100-week moving average in July. McGlone says it’s a sign that it is trading at an extreme discount within an enduring bull market. He outlined that Bitcoin and Ethereum’s performance might soon defy the rate hikes and rise despite it as several indicators point to the possibility of a bull run.
The world’s most popular cryptocurrency is currently standing at $23,386. It gained 1.97% in the last 24 hours. Ethereum is trading at $1,722; up by 2.45%, as per data from CoinMarketCap. In regards to the altcoins, Avalanche is the biggest winner. It gained 8.78% in the last 24 hours. Solana is up by 6.36%, Polkadot 4.82%, Cardano 4.38%. The meme coins have seen slight gains. Shiba Inu gained nearly 4% in the last 24 hours and Dogecoin 2.61%.
It should be noted that BTC has lost more than 50% of its value since the start of the year. It plummeted with stocks as investors cried about inflation and economic contraction. Over the past three weeks, digital assets have rallied with stocks. Edward Moya, Oanda Senior Market Analyst, outlined that if Bitcoin can hold onto the $23,000 level, it could be very promising for the medium-term outlook. He said the much-loved crypto asset has been stabilizing and could record further bullish momentum on the break of the $25,000 level.