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The bitcoin exchange rate is surprising again. When market sentiment deteriorated and some expected a deepening correction, it ended and the price is now above $70,000.
Bitcoin exchange rate rises again
After a brief cooling of the market, the price of the main cryptocurrency on it is rising again. One bitcoin is currently worth $70,350 USD, up 7.9% for the week and 4.5% more than yesterday.
Ether is showing equally strong performance. It is worth $3,633, up 4.3% and 7.7% for the day and seven days, respectively.
Against this backdrop, BNB is performing even better. Although it is up 1.3% since yesterday, it is up 12.5% for the week. Currently, one BNB needs to pay $592 USD for one BNB. Solana, which has been fueling investor excitement lately, is priced at US$194. It has gained 4.7% on a 24-hour basis and 6% on a seven-day basis.
Sentiment has also improved markedly. BTC's fear and greed index is 81, indicating extreme greed.
Current price: $69,931
A stronger chill is being felt in the ethereum sphere. Ethereum's fear and greed index is 67, indicating "just" greed.
Current price: $3,590
It's rising, but why?
.What is the reason why cryptocurrency valuations are rising? In fact, it's pointless to look for a specific reason. Perhaps the natural correction of the previous growth wave has come to an end. In addition, in less than a month - about 27 days - there will be a halving. The distribution of rewards for BTC miners has kicked off the hottest phase of the bull market so far. The market has simply already started to play to this event.
Halving aside, however, the market backdrop provides fuel for the bull market. The Fed's March report confirmed that there will be three more interest rate cuts this year. In addition, bitcoin ETFs are active and will likely become increasingly popular in the coming months. It is possible that ether ETFs will be created in a few weeks.
As you can see, the foundations for a further bull market are there. The question is how it will develop.
