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The bitcoin exchange rate is once again preparing for an attack on the $70,000 level. It is currently holding above the former ATH.
The bitcoin exchange rate is ready to continue its run
The bitcoin exchange rate is holding above the ATH of the previous cycle. It is currently trading at around $69,555, up 1.5% from yesterday and up 13% for the week.
Ether is performing just as well. Late investors are paying $3951 for 1 ETH today, which translates to a 0.3% gain on a daily basis and a 16% gain on a 7-day basis.
Mood
The sentiment? They continue to be excellent. Bitcoin's Fear and Greed Index is 79, signifying extreme greed ("Extreme Greed").
Bitcoin's fear and greed index is 79 - extreme greed
Current price: $68,500
There is even more enthusiasm in the ETH market. Ethereum's fear and greed index is 82, which also indicates extreme greed.
Ethereum's fear and greed index is 82 - extreme greed
Current price: $3,916.
It is possible that such a good mood on the Ethereum trading floor is not only due to the fact that the price of the cryptocurrency is rising. On top of that, on March 6, employees of Grayscale and the Coinbase exchange met with representatives of the U.S. Securities and Exchange Commission (SEC). They discussed the conversion of Grayscale's ETH trust into a cryptocurrency spot ETF, similar to the process that took place earlier this year regarding the company's bitcoin structure. As you can see, the procedure for creating Ethereum ETFs is well underway, reminiscent of the one that took place in the case of BTC, indicating that the funds will be created. In turn, this means that new capital will flood into the Ethereum market.
In addition, the supply of Ether continues to shrink as a result of changes regarding the issuance of these coins.
Returning to bitcoin, it is worth adding that a sustained breakout of the $70,000 level seems to be a matter of time. This, in turn, means that by the end of the year the exchange rate could be at levels that seem completely unrealistic to us today.
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