In exciting developments, Bitcoin (BTC) has experienced a significant surge today (20/9/2023), with its value soaring above US$27,200.
This increase follows a previous high of over US$27,400. Meanwhile, another cryptocurrency, Ether, remains stable at around US$1,640.
Bitcoin’s Surge: What Does It Mean?
The rise in Bitcoin’s price has caught the spotlight, particularly as it coincides with a broader trend of increases among the top 10 non-stablecoin cryptocurrencies over the last 24 hours. Toncoin, in particular, is leading this surge, rising by more than 7 percent.
The question is, does this surge indicate that the crypto market is bullish? According to Forkas News reports, several factors support this rise, including plans by Japan’s leading investment bank, Nomura, to introduce a Bitcoin-based fund aimed at institutional investors.
However, while the crypto market shines, the U.S. stock market seems calm following a previous decline on Wall Street. All eyes are on the eagerly awaited interest rate decision from The Fed.
Bitcoin: Surge and Bullish Potential?
In the last 24 hours, Bitcoin has seen a significant increase of 1.75 percent, pushing its price to US$27,214.15. Over a week, Bitcoin has risen by around 5.11 percent. Earlier today, Bitcoin even reached its highest price point since the end of August, briefly touching US$27,488.76 before experiencing a slight pullback.
One of the key factors supporting this bullish sentiment is Laser Digital, a digital asset subsidiary of Nomura Holdings, which introduced the Bitcoin Adoption Fund. The goal of this fund is to provide institutional investors with easier access to the digital asset class.
Sebastien Guglietta, Head of Laser Digital Asset Management, stated that Bitcoin is one of the long-term transformational change catalysts, and long-term exposure to Bitcoin offers a way for investors to capture this macro trend.
The Influence of The Fed’s Decision
While stock market participants anxiously await The Fed’s interest rate decision, some market observers doubt its impact on the crypto market. K33 Research, a blockchain research company, suggests that although volatility may occur, its sustained impact on the crypto market is uncertain.
This is because Bitcoin has become less correlated with traditional assets in the current economic environment. Furthermore, there has been a decrease in Bitcoin trading activity on the world’s largest cryptocurrency exchange, Binance, which may also be affecting price movements.
Toncoin’s Performance
While Bitcoin is showing strong performance, Toncoin is also grabbing attention with a surge of 7.24 percent. The native token of the TON Network has even recorded an impressive gain of 41.07 percent in a week.
Overall, the cryptocurrency market’s capitalization has also increased significantly, reaching US$1.08 trillion, although its trading volume has decreased by 12.12 percent to US$27.29 billion during the same period.
Conclusion
So, will Bitcoin and Toncoin continue to surge? Only time will provide a definitive answer. But with various factors influencing the market, cryptocurrencies continue to be a major topic in the global financial world. Keep following these developments for further updates.
