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It’s been a great 24 hours for cryptocurrency traders, with most coins and tokens benefiting from surprise value increases.
Bitcoin ($BTC) has benefited the most and has now surpassed the $30,000 level – with investors eager to see how high the price can go.
At the same time, the new meme coin project Wall Street Memes ($WSM) continues to make considerable strides in the market – and is now nearing the fabled $10 million funding milestone.
Bitcoin’s Bullish Breakout Takes Market By Storm
Bitcoin’s price has soared over 14% in the past three days, marking the start of what many hope is an extended bull run.
This bullish surge has come out of nowhere, with Bitcoin treading water around the $24,800 level just last week.
However, the sentiment around Bitcoin, and cryptocurrencies as a whole, has undergone a seismic shift this week – with the ongoing momentum showing no signs of slowing down.
The heatmap from Coin360 is now a sea of green, with Bitcoin, Ethereum, and Dogecoin leading the way.
Notably, the heatmap also highlights that Bitcoin’s market dominance is now nearly 49% – evidencing the massive amount of buying interest from investors.
Looking at the price chart, Bitcoin has rocketed past the 20-day and 50-day exponential moving averages (EMAs), indicating that the short and medium-term trends have flipped to bullish.
In addition, the coin has moved past the crucial psychological level at $30,000 – with the next port of call likely to be the resistance zone around $31,000.
This zone was briefly tapped in mid-April before being rejected aggressively, yet $BTC bulls will be hoping a second attempt at a break will yield more positive results.
Institutional Interest Could Be a Game-Changer for Bitcoin’s Price
Data from CoinMarketCap reveals that $BTC trading volume is up over 18% in the past day, hitting a remarkable $31 billion.
Many factors are contributing to this renewed interest in $BTC, including the Fed’s recent decision to pause interest rates.
However, the most prominent factor is the increased institutional interest in Bitcoin, evidenced by asset manager BlackRock filing for a spot Bitcoin exchange-traded fund (ETF) last week.
If this application was given the green light, it would be the first ETF of its kind in the US.
Until now, the SEC has rejected every application it has received for a spot Bitcoin ETF. However, BlackRock has only ever had one rejection when filing for ETFs, suggesting that its application might stand a better chance.
Since BlackRock’s filing, asset management funds WisdomTree and Invesco have also filed to launch their own spot Bitcoin ETFs.
In light of these developments, the market sentiment towards Bitcoin is increasingly bullish – starting what could be a transformative period for the world’s largest cryptocurrency.
Which New Cryptos Are Also Climbing This Week?
While Bitcoin’s surge is headlining the news, the crypto market is also witnessing the rise of various altcoins.
One in particular, the new meme coin Wall Street Memes, is creating waves in the market due to the instant success of its much-anticipated presale phase.
Anticipation Skyrockets As Wall Street Memes Nears $10m Milestone
Wall Street Memes ($WSM) has exploded onto the scene in the past few weeks, generating nearly $10 million through its ongoing presale.
During this 30-stage presale, meme coin enthusiasts can buy $WSM, Wall Street Memes’ native token, at a reduced price point – relative to the eventual CEX listing price.
Naturally, this setup has prompted colossal interest in the Wall Street Memes project, leading to massive growth in the official Telegram community.
However, the project already benefits from having a colossal community of “degens” behind it, spread across various social media channels.
This community was formed following the success of the Wall St Bulls NFT collection in 2021, which sold out in just 32 minutes – showcasing the demand from digital asset investors.
The Wall Street Memes team is now turning its attention directly to the crypto market, using $WSM to give back to the community.
Several high-profile names in the crypto sector are beginning to take notice of $WSM’s potential.
Michael Wrubel, a well-known crypto YouTuber with over 310,000 subscribers, discussed in a recent video how investing in $WSM could “make you rich.”
As the presale progresses, anticipation continues to build – with early adopters eager to see if Wrubel’s predictions will prove accurate.
Visit Wall Street Memes Presale
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.
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