The BTC exchange rate on Monday is consolidating at 34,338 USD. The weekly rise is estimated at 12%.
Following an impressive surge last week, the market has not seen any new drivers other than those that are already factored into the prices. Buyers are still hopeful that the US Securities and Exchange Commission (SEC) might grant licences for the launch of spot bitcoin ETFs by investment funds. While there is no official confirmation, trading based on these expectations is still unrestricted.
The scenario where the BTC price corrects to 29,500 USD remains a realistic possibility, after which the exchange rate could rise to the targets of 31,200 USD and 32,000 USD.
The total cryptocurrency market capitalisation has now reached 1.27 trillion USD. The BTC share remains at 53.0%, while the ETH share is at 17.0%.
Whales are accumulating BTC
According to open sources, significant traders have bought no less than 30,000 BTC over the last few days. This heightened interest in the flagship cryptocurrency is likely linked to ETF applications.
POLY has added 38%
The price of the POLY token surged by 38% overnight, with its market capitalisation currently standing at 287.04 million USD. POLY is native to the Ethereum-based safety token platform. This is significant because the platform's functionalities allow for the issuance of tokens compliant with SEC standards.