Price analysis 6/23: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
Bitcoin price looks ready to turn $31,000 to support, and many altcoins are following with double-digit gains. The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital is not convinced that a spot ETF will see the light of the day in the near term. Another point of view came from Gemini co-founder Cameron Winklevoss who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy Executive Chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending. Daily cryptocurrency market performance. Source: Coin360 Bitcoin remains the center of attraction as its market dominance has been hovering near 50%. K33 Research Analysis found that over the long term, Bitcoin investm...